Mastercard said it aims to eliminate passwords and card numbers for online shopping across Asia-Pacific by 2030 as it urged banks, merchants, digital wallets and technology partners to adopt biometric-powered tokenized payment systems.
The move, announced during the Singapore Fintech Festival, builds on the company’s payment passkey service launched in India, which enables device-based biometric checkout. Mastercard is pushing for the full adoption of tokenization for e-commerce in Singapore, Malaysia and Vietnam by 2027.
These markets are among the drivers of rapid digital transformation in Southeast Asia, where digital payments are projected to account for 94 percent of e-commerce transactions in a market expected to be worth $325 billion by 2028, the company said.
Mastercard executive vice president for core payments in Asia Pacific Sandeep Malhotra said the vision is simple: “no passwords, no manual card entry, no friction.”
“By uniting the industry, Mastercard is accelerating adoption of tokenization 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. Partners who join this movement will help shape the future of intelligent commerce in Asia Pacific,” Malhotra said.
