Mastercard is planning to eliminate traditional credit card numbers and adopt tokenization technology to combat online fraud, according to Foresight News. The technology replaces credit card numbers with randomly generated sequences of numbers to reduce the risk of data breaches.
Mastercard CEO Miebach said the company will expand its use of the technology and replace traditional passwords with biometric identification, such as fingerprints or facial scans.
The move comes in response to the growing problem of online payment fraud, which is expected to exceed $91 billion by 2028.
