Calling for Industry Support of Online Shopping Technology Standards Vision to Move to Token-Only Storage of Payment Details
Today, we take for granted how easy and convenient it is to use a card to pay for things in any of the 50 million stores that accept Mastercard across the world. We walk to the counter and understand exactly how our card or device will interact with it.
But, shopping today is different than it was when we started this company, let alone ten years ago. If you’re like me, you’re increasingly turning to the web and mobile to shop, and you store your payment details in a myriad of devices, with merchants or commerce platforms.
In fact, industry reports put mobile commerce growth at nearly 20 percent[i] last year. That’s a lot of time navigating and using much smaller screens than the traditional desktop computer. These small screens present their own challenges, from entering our payment details or limiting which payment options a merchant can display.
That’s why we announced earlier today our support of the new EMVCo Secure Remote Commerce (SRC) framework introduced last year. At an industry event in Las Vegas, we called on merchants, acquirers, issuers and other technology players to join with us in giving consumers the same simple, secure and convenient payment experience across every browser and every device.
Everything Starts with Experience
At Mastercard, our digital strategy is rooted in delivering a best-in-class customer experience through consumer choice, security, transparency and privacy. That starts with consistency.
Similar to the single, standardized acceptance terminal on a merchant’s countertop, we believe that SRC can be implemented as one, common checkout button.
In doing so, we believe SRC will deliver a more consistent checkout experience for consumers, reducing the multiple steps they face at different sites today and will make it much easier for merchants to implement and securely store tokens on file and improve their approval rates.
We also believe there is an opportunity for SRC payments standards to work alongside the W3C browser standards to deliver even greater value to consumers and merchants. We will use these standards as a foundation to develop and offer our customers additional, differentiated features and benefits.
Just like EMV chip has brought security to the physical world, tokenization everywhere is critical to secure the digital world. Today, nearly 75 percent of all cards globally are ready to be tokenized. A token-only world is within reach and SRC will support this by building on the tokenization standards. It renders the credentials useless to fraudsters and reduces the risk for merchants. And critically, it also provides consumers visibility into where their credentials are stored and how their data is used.
We will deliver peace of mind for the consumers whatever method they choose to pay through this move to tokens and cryptograms. In SRC, these security efforts with merchants, digital wallets and web platforms will be complemented by EMV 3DS authentication, biometrics, AI-based fraud detection and monitoring services.
Today is only the first step. We will continue to share updates on our journey in this space.