The revolutionary payment method provided by MasterCard

MasterCard is about to take a momentous turn in the world of payments. The company has announced a new technology that could make traditional credit cards obsolete, promising a faster, safer and more convenient method. This innovation aims not only to simplify transactions, but also to significantly increase security and usher in a new era in the global financial sector.

Codes and biometrics: the key to the new payment system

MasterCard’s vision for the future is clear: eliminate traditional credit cards and replace them with a payment system based on random codes. These codes will generate a unique number for each transaction, thus protecting users’ personal information and reducing the risk of fraud. Using this technology, sensitive data will not be shared during transactions, making purchases more secure and significantly reducing the chances of identity theft.

The proposed authentication system is also innovative. Instead of using traditional card numbers or PIN codes, MasterCard relies on biometric authentication, such as a palm scan. This method will not only provide a simpler experience for users, but will also remove the need to remember passwords or carry physical cards, providing a more seamless and secure alternative.

A global effort towards a new era of payments

To implement this transformation, MasterCard partners with banks, fintech companies and merchants around the world. Implementing this system will require advanced infrastructure that integrates biometric authentication and single-use codes, which are generated through mobile applications. The move is consistent with global efforts to modernize the financial system, especially in Europe, where the European Central Bank is leading the digital euro initiative.

Currently, this new payment method already accounts for 25% of transactions carried out, and MasterCard has set a goal that by 2030, 100% of transactions will be carried out using this technology. If achieved, it would mean the complete elimination of traditional credit cards, marking a before and after in the way we carry out financial transactions.