Starting in 2030, Mastercard will eliminate the requirement to enter a card number for online purchases and instead use randomly generated tokens.
Mastercard plans to completely remove the requirement to enter a credit card number for online purchases. In Europe, the 16-digit card number will not be included with the regulation that will come into force from 2030. According to the statement, this arrangement will be used regardless of devices and platforms.
After 2030, the card number will be replaced by a token system. This token will be generated randomly. The company has already started taking steps to prevent problems in using this program. For this purpose, contacts were made with banks, fintech companies, e-commerce companies and other partners of the sector.
With the new app, online shopping can be completed with a single click. Mastercard says that fraud can be prevented thanks to the token system. In addition, passwords will be replaced by biometric data in the new system. It will automatically update when the badges that identify you change. However, it can also increase the effects of cyber attacks. Because we can cancel our cards when credit card information is stolen, but when it comes to information like fingerprints, it doesn't seem easy to change them.
According to a study by a research firm, in 2028, fraud cases in the field of Internet payments will cause a total of 98 billion dollars in losses. The total damage that will occur in the next five years will amount to 360 billion dollars. It is claimed that this amount will be reduced by half with the token system.
