Mastercard announced that Amazon customers in 12 countries across North America, Latin America, Middle East and Europe will have their stored card credentials tokenized.
By replacing a consumer’s physical card number with a token, payment information is unique to each individual transaction and can be used only by the merchant that requested it.
The rise of ecommerce means more and more consumers are saving and managing their card details across multiple websites.
Amazon and many other merchants worldwide use Mastercard’s tokenization technology to ensure the cards consumers store on file stay seamlessly up to date.
Unlike physical cards, network tokens do not expire – when consumers receive a new physical card from their bank, their credentials are automatically updated, eliminating the hassle of re-entering their card numbers and eliminating interruptions during checkout.
Tokenization enables a best-in-class user experience by creating visual cues, displaying familiar card art that instills trust in a consumer’s preferred payment method.
As Mastercard makes issuer card artwork available for every user, it helps consumers choose their preferred payment method more efficiently and increases the likelihood of a purchase being completed.
Consumer Shift To Digital Payments
2020 has seen consumers worldwide accelerate their shift to digital payments, making it more important than ever for ecommerce platforms to make the checkout experience simple and convenient.
Mastercard Digital Enablement Service (MDES) provides the foundation for a frictionless experience, eliminating the frustration of managing card information and reducing shopping cart abandonment.
“The behavioral shift that we are seeing has accelerated in recent months, but it’s a product of our work to create the infrastructure and partner ecosystem, for the digitally-savvy consumer and forward-thinking businesses like Amazon,” said Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard.
MDES is live with over 2,600 issuers and 1,200 token requestors around the world, and tokenization of a merchant’s cards on file is speeding up as Mastercard continues to add global players like Amazon to deliver this solution at scale.
Amazon is adopting Mastercard tokens in the United States, Canada, United Kingdom, Brazil, France, Germany, Italy, Mexico, Netherlands, Spain, Turkey and United Arab Emirates.
The online retailer will begin using Mastercard tokens for transactions in 2020 and consumers making purchases on the Amazon online stores serving these countries will experience the benefits of tokenization.
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