By Gilberto Caldart, President, International, Mastercard
Technology and the digital transformation it powers have seen the global rate of innovation increase exponentially. Technology has broken down barriers and improved lives on every continent. Some of the most remote regions in the world now have reliable mobile reception, and digital technologies are increasing global access to healthcare, education, and financial stability. Specifically, in Europe, an incredible 80% of European citizens now use their mobile devices to make purchases.1
On the other hand, increased digitization has also seen the rise in hacks and breaches which can have a massive impact on our lives — 75% of card fraud now taking place online.2 When services are global, with billions of subscribers, the fallout of vulnerabilities and exploits is significant, shaking public faith in technology and slowing progress while trust is rebuilt.
Trust is core to this digital world of ours as services stop being transactional and become relationships we build with people. Relationships that support their digital lives and change the way they use products, services, and brands. From making a payment to sharing information in the digital and physical worlds, safety and security are essential foundations, but trusted connections and understanding is the new currency.
This changing dynamic is playing out in the financial sector today, with open banking promising a new wave of services and opportunities that will change our relationships with our banks and finances, and put all of us firmly in the driving seat of our own data. This has been carefully balanced with new regulation coming into force this September that makes digital payments more secure, setting out new requirements for security and user experience through Strong Customer Authentication (SCA).
The key to success is a dual approach where regulation and good governance go hand-in-hand. Regulation and guidelines do far less to stifle innovation in the long term, when there is a partnership between the industry and the regulator. Put people and their needs at the heart of innovation, and consider regulation not only drives fair and equal competition, but also simplifies people's lives in a way they can trust.
At Mastercard, we've already changed the way people pay with contactless — making in-store payments quicker and more seamless than ever before. Online, tokenization has made checking out more secure and convenient. Our Identity Check Mobile allows consumers to pay via their mobile and use a selfie or another biometric to authenticate themselves, bringing additional security with minimal disruption to the checkout experience.
Such a consumer-centric approach to innovation has benefitted us and our customers greatly, and built the trust necessary to continue creating easier and faster ways to pay and transact. It's a responsibility we take very seriously, designing all of our products and services with security at their heart — what we call "security by design."
We've seen time and again that lack of trust leads to stagnation and holds back the progress of society and business around the world. That's why we lead by example, engendering trust in technology through products and services that benefit our global society and we invite you to join us on this journey.
This post was created by Mastercard with Insider Studios.
2. https://www.eurocommerce.eu/media/159952/2018.07.02%20-%20Ecommerce%20report_annex.pdf
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