Mastercard reshaping PH digital landscape

Global payments firm Mastercard is ramping up efforts to boost digital payment security and efficiency in the Philippines through tokenization and real-time payment innovations, aiming to eliminate manual card entry by 2030 and streamline cross-border transactions.

- KEISHA TA-ASAN

In an interview with The STAR, Mastercard country manager for the Philippines, Simon Calasanz, said the payments industry is transitioning to tokenization and Mastercard wants to ensure that the Philippine market is ready for the shift.

"By 2030, Mastercard aims to eliminate manual card entry and expand tokenization into capital markets and trade finance. While its application in digital payments remains in early stages, with no widespread local implementations yet, the potential for fraud prevention, more secure transactions, and broader financial inclusion is promising," he said.

Tokenization, a security feature that replaces a 16-digit card number with a digital token, is expected to reduce fraud risks while making transactions more seamless.

Calasanz said the adoption of tokenization would be a favorable security advancement in the Philippines as it adds another layer of protection to the payment process.