The content is accurate at the time of publication and is subject to change.
The digital era has made shopping easier, whether it's getting a cab, ordering lunch or booking a trip, and now Mastercard is making it safer with the rollout of Digital Commerce Solutions.
This suite of tools ups the level of security for stored payment card credentials, while also reducing checkout errors and increasing the speed of transactions due to the incorporation of advanced authentication technology.
The Digital Commerce Solutions suite is designed to streamline the checkout process for consumers when they are shopping digitally. "As online and digital shopping experiences become part of our every day, Mastercard continues to maintain a focus on security, data privacy, and consumer control," said Craig Vosburg, president North America, Mastercard.
"We're putting the consumer experience at the center of our efforts so regardless of where you might shop you'll get the best possible checkout experience without sacrificing security,” he added.
Consumers will be able to store credit cards online in 2020
As part of this initiative, they will also be integrating token services into all their credit cards by 2020. What does this mean for consumers? They will be able to store their payment card information with retailers without having to reveal their actual credit card account information.
With this upgrade, consumer's payment card credentials will automatically be updated when they get a new credit card, so they don't actually have to let retailers know when their card expires. The same is true if they get a replacement card because their credit card was lost or stolen. For consumers this also means that there are fewer delays when they are shopping.
Mastercard also points out that the use of tokens adds another level of security into the equation when shopping online while also keeping convenience on point.
Partnering with other companies
For this initiative, they have partnered with a variety of companies to ensure that more retailers can use the system. These companies include Adyen, Square, Stripe, Worldpay, BlueSnap, Digital River, and Mastercard Payment Gateway Services.
"Adyen was the first to launch Automatic Billing Updater Direct with Mastercard and we are thrilled to now add tokenization capabilities. We see these integrations as important steps to ensure a seamless digital commerce experience for consumers backed by best in class security and transparency," said Kamran Zaki, President North America, Adyen.
They are also reaching out with issuers to convert their cards into tokens. But that is not all Mastercard has also partnered with Bank of America to offer enhanced fraud scoring, which they suggest would boost approval rates.