Mastercard Plans to Replace Traditional Credit Card Numbers with Tokenization Technology

According to Foresight News, Mastercard is planning to eliminate traditional credit card numbers in favor of tokenization technology to combat online fraud. This technology replaces sensitive data, such as credit card numbers, with randomly generated sequences of numbers, known as tokens, to reduce the risk of data breaches. Mastercard CEO Michael Miebach stated that the company will expand the use of this technology and incorporate biometric identification methods, such as fingerprint or facial recognition, to replace traditional passwords. This initiative aims to address the growing issue of online payment fraud, which is expected to exceed $91 billion by 2028.