Mastercard Shifting to Biometric Authentication With Goal of Eliminating Passwords by 2030

by ID Tech

Mastercard is doubling down on plans to phase out manual card entry and passwords for online transactions by 2030, replacing them with biometric authentication methods such as facial recognition and fingerprint scanning. The strategic shift was revealed during the company’s Q4 2024 earnings call, in which CEO Michael Miebach outlined the payment giant’s vision for the future of digital transactions.

The initiative comes at a time when industry projections suggest biometric payment users will reach 3.5 billion globally by 2030. According to Mastercard, the move is driven by the significant disparity between online and in-store fraud rates, with digital fraud occurring seven times more frequently than physical retail fraud.

“We are reimagining checkout with our 2030 global plan to phase out manual card and password entry online in favor of smiles and fingerprints,” Miebach said. Read Full Article >