Amazon has forged a partnership with Mastercard to tokenize the stored card credentials of its customers in 12 countries across North America, Latin America, the Middle East and Europe.
Mastercard’s tokenization technology will replace the physical card numbers with tokens to provide additional security to Amazon customers.
The technology is used by merchants across the world. It ensures that the card details store on file stays up to date.
When consumers receive their card from the bank, they do not have to re-enter their card details on e-commerce websites as this is automatically updated using tokenization.
The technology also provides visual cues – an image of the cards stored on file so consumers can identify and choose their preferred payment method and complete the transaction.
Mastercard executive vice president of digital solutions Jorn Lambert said: “The behavioural shift that we are seeing has accelerated in recent months, but it’s a product of our work to create the infrastructure and partner ecosystem, for the digitally-savvy consumer and forward-thinking businesses like Amazon.
“Mastercard’s work with Amazon and others is a testament to the strength of our well-established digital product suite – we create consumer journeys that improve the shopping experience and boost approval rates.”
As per the agreement, Amazon will adopt Mastercard tokens in the US, Canada, UK, Brazil, France, Germany, Italy, Mexico, Netherlands, Spain, Turkey and UAE.
The e-commerce giant will begin using Mastercard tokens for transactions beginning this year.
Additionally, the e-commerce platforms can also leverage Mastercard Digital Enablement Service (MDES) to boost its customer’s checkout experience.
MDES helps manage card information and reduce shopping cart abandonment by consumers. The service is currently live with more than 2,600 issuers and 1,200 token requestors globally.