Credit and debit cards are in an intense search so that plastics are safer, and in that transition, Mastercard announced important changes and projects that, in a few years, the cards will not have 16 digitsso the way of making payments will change, and instead it is planned to use a tokenization system.
The measures will arrive in 2030, and imply a total renewal of its proposals.
Current plastics contain confidential data in plain view, such as the 16 numbers of the card, the validity date, the CVV code and of course, the name of the holder. By having this data visible to everyone, it becomes much easier for criminals and even anyone else to use the funds contained on this card.
In this context, Mastercard projects that, by 2030, cards will no longer have 16 digitsso the way of making payments will change, and instead it is planned to use a tokenization system with which payments will be carried out.
What will Mastercard cards be like?
The tokenization will work since, instead of using the traditional 16-digit card number, it will will generate a token randomly for each transaction to be carried out. This means that cards, as we know them today, will cease to exist to make way for a new technology, according to Urgente24.
Because of the elimination of the numbers on the visible part of the Mastercard credit and debit card, a payment system that works with a single click has been planned, which will generate a single-use code through an application or biometric data, such as a fingerprint. In this way, transactions will be streamlined and, in addition, they can be much safer to use in online stores and sales platforms.
Credit cards seek to be more secure.
Eliminate credit and debit cards
Mastercard is collaborating with banks and Fintech to make this transformation possible, and although the project is designed for Europe at the moment, it is not ruled out that it could quickly expand to other markets.
By eliminating numbers on credit and debit cards, the following benefits will be achieved: Reduction of fraud; faster and easier payments; fewer errors.
