In addition to retailers and banks, the company wants to improve online payment security standards in the region.
Mastercard intends to increase the security of online payments in Latin America and the Caribbean by introducing a roadmap for local companies. The company plans to increase its commitment to banks, retailers and partners in order to improve the security of online payments and improve consumer experience.
According to Mastercard, demand for e-commerce in the LAC increased from 126 million in 2016 to 156 million in 2019, with online sales continuing to grow from 40 billion dollars in 2016 to 80 billion dollars in 2019. For privacy and security, change these Android settings now For privacy and security, change these Android settings now All Android devices are different, but all have basic security and privacy features. Here are the big tweaks to start.
To accelerate the adoption of security technologies to cope with e-commerce growth, Mastercard has created a plan called the Digital Security Roadmap to provide banks and retailers in LAC with a set of initiatives, guidelines and tools to improve their security strategies.
Industry cooperation will be achieved through partnerships with governments and regulators, educational workshops with banks and e-commerce players, and the introduction of state-of – the-art online security technologies and services.
In addition to driving the plan with its customers, Mastercard ‘s approach will focus primarily on accelerating the adoption of authentication and techno tokenisation. Initiatives relating to these two areas have already been introduced in recent years by the company in the region.
“As e-commerce grows in the region, we want to move from defensive to offensive online security, fostering the adoption of the latest technologies, helping to reduce levels of fraud, thus ensuring the best consumer experience,” says Wilson.