Mastercard and Tap Payments join forces to improve online payments

Mastercard partners with Tap Payments to introduce Click to Pay with Payment Passkey in the Middle East and North Africa. This partnership aims to secure digital payments through tokenization and biometric data, while simplifying the user experience. It further demonstrates Mastercard's commitment to developing innovative payment solutions worldwide, including in emerging markets.

FACTS

• Mastercard has teamed up with Tap Payments, a major player in payment systems in the Middle East, to launch the Click to Pay service with Payment Passkey.

• The Mastercard Payment Passkey service secures consumers' payment data through tokenization and biometric data, protecting transactions while simplifying them. In fact, the service eliminates the need for passwords by relying on the authentication systems of the devices used.

• Click to Pay, meanwhile, eliminates the need to memorize and enter bank details thanks to tokenization, offering a smoother, more secure payment experience.

• When making a payment, buyers simply select their Mastercard, which is already securely stored on Click to Pay. They are then intelligently recognized by their device or e-mail address, enabling them to proceed more quickly to the payment stage.

• This partnership is aimed primarily at the Middle East and North Africa, which are expanding markets, particularly in e-commerce.

CHALLENGES

• Securing and streamlining digital payments: The combination of Click to Pay and Payment Passkey meets the major challenge of security in e-commerce, while simplifying the user experience. Mastercard studies show that 90% of consumers worldwide believe that biometrics are more secure and convenient than passwords. This new solution therefore represents yet another way for the American scheme to offer a solution in tune with consumer desires. For merchants, the solution is also an advantage, reducing the risk of fraud and shopping cart abandonment.

• Global standardization of digital payments: Mastercard is pursuing its goal of harmonizing payment experiences worldwide. By focusing on tokenization in particular, the scheme aims to facilitate commerce and make advanced technologies accessible to SMEs and large merchants alike.

MARKET PERSPECTIVE

• Mastercard launched its Payment Passkey service in India last September, with the aim of supporting the growth of digital payments in the country.

• In a similar vein, this latest deployment of the solution highlights the growing interest of global players in regions such as the Middle East and North Africa, where digital commerce is booming.

• Tokenization is also at the heart of the American scheme's strategy for developing e-commerce payments. Last June, Mastercard unveiled its vision of the long-term evolution of payments, explaining the advantages of tokenization.

• The American payment giant is constantly proposing solutions to move payments towards an ever more simplified and secure model.