Mastercard reports nearly half of its e-commerce transactions are now tokenized. The payment giant believes it is on track towards tokenizing all transactions in the EU by 2030.
By adopting tokenized transactions, Mastercard aims to completely abandon manual card transactions and completely tokenize its e-commerce transactions by 2030. It hopes to eliminate obstacles for clients by making the process as fast and seamless as possible while also maintaining security and reliability.
According to the credit card firm’s recent press release, nearly half of the e-commerce transactions coming from clients in Europe have been tokenized. These transactions include the ones conducted from integrated digitalized payment options supported by the company, such as Secure Card on File, Click to Pay, and digital wallets.
Executive Vice President of Core Payments Europe at Mastercard Brice van de Walle said that the firm has seen increasing confidence in the EU market towards tokenized transactions in just the span of one year.
“We’re working with partners to make digital payments more secure and seamless, through Click to Pay, passkeys, and tokens.” said Walle.
The company claimed that the number of tokenized e-commerce transactions have gone up by more than a third compared to the past year. Payment passkeys are also becoming an attractive feature for clients who prefer digital checkouts.
Moreover, Mastercard noted that more than half of Europeans prefer seamless digital asset transactions that do not require an additional third-party account. The report also noted that 82% of EU clients expressed frustration over transactions that require additional checks and slow checkouts.
In the past year, Mastercard has increased its efforts to partner with e-commerce firms that offer customers digital asset payment options, including Checkout.com, Delivery Hero. Global Collect, Monext and Santander.
Mastercard’s Click to Pay partners like Autopay, Consors Finanz BNP Paribas, Fiserv, ICA Banken, Lendable, Nickel and PayU among others have also helped to drive the trend forward.
In the past few months, the global payment provider service has also partnered with major crypto firms such MoonPay and Kraken to accelerate its adoption of web3-supported payment options for customers.
