Mastercard rolls out new artillery in digital wallet war
Digital wallets are a hot front for competition and legal action. Mastercard is the latest issuer to fire a shot, announcing an upgraded online payment product it says will tackle about 90% of payment card fraud.
As the digital wallet wars heat up in Australia, with Apple Pay in particular focus, global payment scheme Mastercard is rolling out a more secure and efficient form of the online 'Click to Pay' format.
The updated protocol means consumers won’t have to leave a merchant site and, once enrolled, won’t have to enter credit card details for transactions.
“Entering details is a major avenue for fraud, this will address around 90% of that,” Richard Wormald, Mastercard Division President for Australasia, told Capital Brief. “We liken entering card details to giving a tradie keys to your house. It should be fine but pretty soon you’ve lost track of how many sets of keys are out there and who’s got them.”
Click to Pay is an open standard administered by EMVCo, a 25-year-old global technical body owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa and open to a range of members. Visa too is offering the more secure Click to Pay in Australia.
