There will be payments without passwords or card numbers.

DNVN - Mastercard has 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 (expected to exceed $7 trillion by 2030) will require collaboration from across the 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.

This roadmap builds on Mastercard's global launch of Payment Passkeys, starting in India.

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 an estimated market value of $325 billion by 2028.

The rapid growth of online payments also poses many challenges. Fraud in transactions that do not use physical cards is 7 times higher than in-store payments, with total global losses expected to exceed $100 billion by 2029. Meanwhile, 8 in 10 customers abandon their shopping carts, nearly half of whom say they are frustrated by complex checkout processes. Mastercard’s solution is to replace passwords and card numbers with secure tokens that combine biometric authentication on devices, reducing friction through Click to Pay solutions and building consumer trust across devices and platforms.

“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.”

Just as payments have moved from cash to digital, the next evolution will be from digital to smart – powered by AI, data, and networks. Breakthroughs in tokenization and authentication are paving the way for AI-powered shopping, where trusted digital assistants will shop and pay on behalf of consumers. Tokenization and passkeys are not the end goal, but the foundation for a smarter, more secure future that will unlock new opportunities for both consumers and businesses.

This roadmap builds on Mastercard’s global launch of Payment Passkeys, starting in India, where the company partnered with leading banks and retailers to launch on-device biometric payments for millions of shoppers. The success demonstrates how passkeys can both enhance security and simplify the user experience – and sets the stage for Mastercard’s 20230 vision across the Asia Pacific region.

Phuong Ngan

Source: https://doanhnghiepvn.vn/kinh-te/se-co-thanh-toan-khong-can-mat-khau-khong-so-the/20251113100643057