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Dubai, UAE – Mastercard announced the tokenization of consumer card credentials on file for Amazon customers in 12 countries across North America, Latin America, Middle East and Europe. Tokenization replaces a consumer’s primary account number (PAN) with an alternate card number - or token - that can be used for online payments but only by the merchant that requested it. Amazon will begin using Mastercard tokens for transactions through 2020 to provide a seamless online shopping experience for consumers.
The rise of e-commerce means more and more consumers are saving and managing their card details across multiple websites. Amazon and many others, including Etsy, Stripe and T-Mobile, 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 reentering their card numbers.
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. According to research from Mastercard and Kantar, 80% of cardholders are likely to complete a purchase when an image of their specific credit card is shown1.
The COVID-19 pandemic has accelerated the shift to digital payments, making it more important than ever for e-commerce 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.
“Mastercard’s work with Amazon and others is a testament to the strength of our well-established digital product suite – we create consumer journeys that improve the shopping experience and boosts approval rates,” said Jorn Lambert, Executive Vice President, Digital Solutions, Mastercard. “The behavioral shift that we are seeing has been accelerated by the COVID pandemic, but it’s a product of our work to create the infrastructure and partner ecosystem, for the digitally-savvy consumer and the forward-thinking businesses like Amazon.”
MDES is live with more than 2,600 issuers and 1,200 token requestors in 93 countries, and tokenization of a merchant’s cards on file is accelerating as we continue to add global players like Amazon to deliver this solution at scale. Amazon is adopting Mastercard tokens in the United Arab Emirates, United States, Canada, United Kingdom, Brazil, France, Germany, Italy, Mexico, Netherlands, Spain, Turkey and; consumers making purchases on the Amazon online stores serving these countries will experience the benefits of tokenization.
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1 Mastercard online study conducted by Kantar and fielded between August 30 and September 20, 2019. All US participants in the study are between the ages of 18-100, shop online regularly (3+ times in past six months), own a Mastercard credit or debit card product from Bank of America, Barclays, Capital One, Chase, Citi, Fifth Third, Huntington, KeyBank, Santander, or SunTrust, and use guest checkout or a stored card at least some of the time.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com.
© Press Release 2020
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