Mastercard announces ambitions to launch card-less payment solution

Mastercard just announced a big ambition at the Singapore FinTech Festival: By 2030, online shopping experiences in the Asia-Pacific region will not require passwords or card numbers.

More than a third of Mastercard transactions globally are already encrypted today, but achieving that goal in the world’s largest and fastest-growing e-commerce market – forecast to exceed $7 trillion by 2030 – will require collaboration from the entire industry.

Mastercard is therefore calling on banks, retailers, e-wallets and technology partners to join forces to deploy secure, tokenized and biometrically authenticated payment solutions. Adopting these technologies eliminates the need to manually enter card numbers and static passwords, thereby providing a faster and more secure payment experience for consumers.

Following success in India – where Mastercard worked with regulators, banks and retailers to achieve near-complete tokenization of e-commerce transactions – the next phase will see full implementation in Singapore, Malaysia and Vietnam by 2027. These are key markets driving rapid digitization in Southeast Asia, with digital payments expected to account for 94% of total e-commerce transactions, with a market value estimated to reach $325 billion by 2028.

The rapid growth of online payments has also posed many challenges. Fraud in non-physical card transactions is seven times higher than in-store payments, with total global losses expected to exceed $100 billion by 2029. Meanwhile, eight out of 10 customers abandon their shopping carts, with nearly half of them saying they are frustrated by complex checkout processes. Mastercard’s solution is to replace passwords and card numbers with secure tokens that incorporate biometric authentication on devices, reducing friction through Click to Pay solutions and building consumer trust across devices and platforms.

Where tokenization has been implemented, adoption has increased by 6%, generating over $2 billion in additional revenue per month for retailers. The results are clear:

Retailers enjoy faster, more reliable and secure checkout processes, thereby improving customer satisfaction and increasing sales;

Consumers enjoy a one-step payment experience and avoid forgotten passwords or transaction declines;

The e-wallet is seamlessly integrated, providing users with a simple and secure payment experience at over 150 million Mastercard acceptance locations worldwide.

“Mastercard’s vision is simple: no passwords, no manual card entry and no friction,” said Sandeep Malhotra, Executive Vice President, Core Payments, Asia Pacific , Mastercard. “By connecting across industries, Mastercard is accelerating the adoption of tokenization and passkeys to create a simple, secure experience for passwordless payments. This will increase acceptance, reduce fraud and deliver faster, safer payments to millions of consumers. Partners involved in this transformation will help shape the future of smart commerce in Asia Pacific.”

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