A year after announcing its target of 100% e-commerce tokenisation across Europe, Mastercard reports it is almost halfway there.
Speaking at the Money 20.20 conference in Amsterdam, Mastercard's Brice van de Walle, executive vice president, core payments, Europe, says that in just a year, the card scheme has achieved 49% e-commerce tokenisation across Europe, thanks to key strategic partnerships.
“It’s really amazing that issuers, merchants, acquirers and processors have all been working together with us to make it happen...We’re very confident that by 2030, as we are already halfway there, we’ll be at 100% as we initially envisaged," he says.
Van de Walle also provided an update on the roll out of biometric payment Passkeys for online shopping, noting that three primary partners are now live: Dinero, Solidgate & Utoppia.
When describing the importance of tokenisation, and especially the benefits of passkeys, van de Walle says: “We know that when we perform e-com transactions, where we get the most friction is the authentication. When you need to enter your one-time password, you need to use an app from your bank to actually make an authentication...With [passkeys] we’ll be able to allow consumers to remain on the same device and use the biometric component of the device to perform the authentication - tremendously improving, first the conversion rate, then the approval rate.”