Mastercard has unveiled an ambitious plan to make online shopping across Asia Pacific password-free and number-free by 2030, with Singapore set for full adoption by 2027. Announced at the Singapore FinTech Festival, this initiative leverages tokenised payments and biometric authentication to combat card-not-present fraud, which is currently seven times higher than in-store transactions.
The move is expected to significantly benefit Singapore businesses by enhancing security, improving customer experience, and increasing revenue. Tokenised payments are projected to boost approval rates, potentially increasing merchant sales by billions. Mastercard is collaborating with banks, merchants, digital wallets, and technology partners to facilitate this transition, aiming for full adoption in Singapore, Malaysia, and Vietnam by 2027.
Sandeep Malhotra, Executive Vice President of Core Payments for Asia Pacific at Mastercard, stated, “The vision is simple: no passwords, no manual card entry, no friction.” He emphasised that by uniting the industry, Mastercard is accelerating the adoption of tokenisation and payment passkeys to create a secure, seamless payment experience.
The initiative builds on Mastercard’s successful implementation of tokenisation in India, where collaboration with regulators, banks, and merchants has led to near-complete adoption for e-commerce. This regional roadmap is part of Mastercard’s broader strategy to transform digital payments into intelligent commerce, powered by AI and connected networks.
As the e-commerce market in Asia Pacific is projected to exceed $7t by 2030, Mastercard’s initiative could redefine online shopping, offering a smarter, more secure future for consumers and businesses alike.
