The company aims to increase engagement with banks, retailers and partners to improve online payment security and improve the consumer experience.
According to Mastercard, demand for ecommerce in LATAM grew from 126 million people in 2016 to 156 million in 2019, with online sales keeping pace with growth and expected to rise from USD 40 billion in 2016 to USD 80 billion in 2019.
To accelerate the adoption of security technologies required to cope with ecommerce growth, Mastercard created a plan, dubbed Digital Security Roadmap, to provide a set of initiatives, guidelines and tools for banks and retailers in LAC to improve their security strategies.
Industry collaboration will take place through partnerships with governments and regulators, educational workshops with banks and ecommerce players, well as the introduction of online security technologies and services.
As well as driving the plan alongside its customers, Mastercards approach will focus mainly on accelerating the adoption of authentication and tokenization technologies in 2019, according to Jeff Wilson, Mastercards executive vice president of services.
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