Singapore – Mastercard has announced plans to make online shopping across APAC password-free and card number-free by 2030. With over a third of Mastercard transactions already tokenised worldwide, realising this goal in the region — projected to surpass USD$7t in e-commerce by 2030 — will require cooperation among banks, merchants, digital wallets, and technology providers.
The initiative aims to support secure, tokenised payments using biometric authentication, eliminating the need for manual card entry and static passwords to create faster and safer checkout experiences.
Following success in India, where near-complete tokenisation was achieved through collaboration with regulators, banks, and merchants, Mastercard plans to extend full adoption to Singapore, Malaysia, and Vietnam by 2027. These markets are leading Southeast Asia’s rapid digital growth, with digital payments expected to represent 94% of e-commerce transactions in a market valued at USD$325b by 2028.
“The vision is simple: no passwords, no manual card entry, no friction,” Sandeep Malhotra, executive vice president of core payments Asia Pacific at Mastercard, stated.
He added, “By uniting the industry, Mastercard is accelerating adoption of tokenisation and payment passkeys to create a single, secure experience for password-free payments. As a result, approval rates are rising, fraud is falling, and millions of shoppers are enjoying faster, safer checkouts.”
Meanwhile, as online shopping grows, challenges remain. Card-not-present fraud is currently seven times higher than in-store fraud, with global losses expected to exceed USD$100b by 2029.
Around 80% of online shoppers abandon their carts, with nearly half citing checkout difficulties. Mastercard’s approach replaces passwords and card numbers with secure tokens and device-based biometrics, reducing friction through ‘Click to Pay’ while strengthening trust across platforms and devices.
Merchants benefit from faster and more reliable checkouts with enhanced security, leading to greater customer satisfaction and higher sales, while consumers enjoy one-step payments without the risk of forgotten passwords or declined transactions. Digital wallets integrate smoothly, allowing safer and simpler payments across more than 150 million merchants that accept Mastercard globally.
This development marks the next stage in the evolution of payments. Following the transition from cash to digital, the industry is now moving toward intelligent commerce powered by AI, data, and connected networks.
Tokenisation and passkeys provide the foundation for trusted digital assistants to shop and pay securely on behalf of consumers. This approach has demonstrated how passkeys can improve both security and convenience, paving the way for broader adoption across Asia Pacific by 2030.
