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Debit and Credit Cards: You will no longer be able to pay with plastic

Debit and Credit Cards: You will no longer be able to pay with plastic

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Currently, debit credit cards have visible confidential information, such as the 16-digit card number, expiration date, CVV code, and holder’s name.

Unfortunately, Mastercard predicts that by 2030 these cards will no longer have visible numbers and this will completely change the way payments are made.

Instead of card numbers, a system called tokenization will be used to make payments.

What does encoding mean?

Tokenization means that instead of using a fixed 16-digit card number, a token will be randomly generated for each transaction. This means that traditional credit cards as we know them will cease to exist, and instead a system of unique codes will be used for each purchase.

What will card payments be like starting in 2030?

With the removal of visible numbers on MasterCard cards, it is planned to create a one-click payment system. This system will use a one-time code generated through an app or biometric data, such as a fingerprint. This innovation will allow fast and secure transactions in stores and web platforms.

The future is online payments

Mastercard has agreements with banks, fintech companies, retailers and other partners to achieve full tokenization in e-commerce. This new system will not only facilitate one-click payments across all online platforms, but will also provide greater security against fraudulent transactions.

Although these modifications are initially focused on Europe, they will likely spread to other markets, including Mexico. MasterCard and banks are working together to provide these updated services to their customers around the world, with the aim of improving security and facilitating transactions.

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