IOT : TOKENISATION
Since then , Mastercard has scaled this service globally , including expansions in the United Arab Emirates , Singapore as well as key markets in Latin America like Brazil .
Now , shoppers can select their Mastercard during checkout , either as a guest or using a saved card , and complete their purchase by using their device ’ s fingerprint or face scanning features .
The system uses universal tokens that work across different merchants and card issuers , enhancing security during transactions .
Building on the widespread adoption of biometric authentication for device unlocking , the payment system supports multiple applications , including simplified online shopping , combined physical-digital commerce experiences and access to rewards programmes .
Jorn Lambert , Chief Product Officer at Mastercard , says : “ To make the token economy work for consumers – for any use case – it ’ s essential to have a secure , interoperable and standardised method for people to identify and authenticate themselves before any value is exchanged .
“ That ’ s the idea behind the Mastercard Payment Passkey Service . It replaces passwords and one-time codes – which have been linked to 81 % of confirmed data breaches – with device biometrics , which cannot be guessed , shared or stolen .”
Technical challenges and market evolution Integration presents significant technical hurdles across sectors . Legacy tech stacks with low configurability and siloed data environments result in significant technical debt , high maintenance costs and elevated security risks .
Different platforms issuing separate tokens for identical cards complicate usage analysis and data interoperability .
The tokenisation landscape faces challenges from competing standards .
74 February 2025