Introduced by Visa and Mastercard in 2014, tokenisation replaces the 16-19-digit number on the payment card with a secure token, reducing fraud and also improving approval rates.

Visa recently issued its 10 billionth token and Mastercard says that its tokenisation service today secures 25% of all e-commerce transactions globally, with adoption accelerating 50% year-over-year.

However, with online payments fraud still a major issue, predicted to exceed $91 billion by 2028, Mastercard is doubling down on security efforts.

Alongside tokenisation, the firm is making it easier to embed Click to Pay into merchant sites to eliminate manual card entry. It is also pushing passkeys, tapping online mobile device-based biometric authentication to eliminate passwords and one-time codes.

The company says it is making the “commitment” to hit 100% tokenisation in Europe first because of the continent’s leadership as a payments innovator.

Valerie Nowak, EVP, product and innovation, Mastercard Europe, says: “In Europe we have seen tokenisation gaining momentum across the ecosystem, the convenience and reduced rates of fraud sell themselves. We are confident that reaching this vision by 2030 is a win-win-win for shoppers, retailers and the card issuers alike.”