Even the important aspect of security is not convincing if it is associated with more difficulties. So what security gain will prevail in 2021?
In the year of the pandemic, even more people will get used to paying for small amounts in stores with their cards without virus prone touches. In a study on behalf, a quarter of the mobile phone users surveyed with online banking stated that they usually pay with the digital card on their phones. One could only have dreamed of this a year earlier. Looking a year further into the future, we will see further growth here.
Mastercard and the others have an answer to the advance of wallets and the resulting reduced visibility of the card brands, which we will also implement this year: It began as Secure Remote Commerce and is already in use in the USA and will also be available to Europeans in the coming year. Click to Pay is a wallet of the main card companies, into which the existing cards can be integrated very easily with the websites of the card brands. The convenience aspect here: As soon as you click on the logo in the checkout, you can select one of the stored cards – all information is already available and is transmitted together with a transaction. Even a card change that involves a new expiry date or a new security is processed in the background so that the transition works smoothly.
PIN and Password
The coming year will also be marked by the approaching departure from passwords. Features make security much easier: the smartphone helps, as it already has the necessary features. We are seeing increasing interest from retailers in enabling their buyers to log into their customer account using a fingerprint. The FIDO for example stands for a secure process that also protects the customers information. What has often been learned for wallets and online banking will be expanded to include many other apps.