Mastercard Aims For Password-Free, Number-Free Transactions In APAC By 2030

Mastercard is aiming for password-free and number-free checkouts across the Asia Pacific (APAC) by the year 2030. To that end, the payment service provider is rallying banks, merchants, digital wallets, and technology partners to fully embrace tokenised payments via biometric authentication.

“The vision is simple: no passwords, no manual card entry, no friction,” Sandeep Malhotra, Executive Vice President, Core Payments, Asia Pacific, Mastercard, says. “By uniting the industry, Mastercard is accelerating adoption of tokenisation and payment passkeys to create a single, secure experience for password-free payments. As a result, approval rates are rising, fraud is falling, and millions of shoppers are enjoying faster, safer checkouts. Partners who join this movement will help shape the future of intelligent commerce in the Asia Pacific.”

The company is building upon its goal for tokenised payments via the global launch of its Payment Passkey Service in India last year. The company claims it has been a success, and now, it’s pushing the envelope: it wants Malaysia, Singapore, and Vietnam to become fully digitalised and tokenised by 2027, with the medium expected to account for 94% of all e-commerce transactions by 2028.

(Source: Mastercard)