FOO took a part in the Mastercard research evaluating digital payments importance during crisis COVID-19 times.
The way we shop is changing. As constraints are being imposed on our daily lives due to COVID-19, consumers are adopting new payment habits at an accelerated pace, according to a global study by Mastercard conducted in 15 markets including the United Arab Emirates.
Mastercard research shows surge in digital payments as ecommerce reaches new heights in the UAE. Study shows consumers worldwide opting for touch-free, secure and seamless ways to pay.
Consumers are increasingly moving away from cash and opting for contact-free and digital payments experiences – and they don’t expect to go back. Ecommerce is also seeing a surge as Mastercard Spending Pulse reports record growth rates across the globe as consumers increasingly shop online. According to the company’s consumer sentiment data, 54 percent of UAE consumers say that they believe less in store shopping will continue to be a trend due to the convenience and ease that e-commerce provides.
With the rise of e-commerce, it is imperative to provide consumers with seamless solution to save and manage their card details across multiple websites. Mastercard’s tokenization technology ensures the cards consumers store on file stay seamlessly up to date. Unlike physical cards, network tokens do not expire – when consumers receive a new physical card from their bank, their credentials are automatically updated, eliminating the hassle of reentering their card numbers.
As part of Mastercard’s commitment to support the financial data and security of consumers and merchants alike, it recently introduced MDES for Merchants (M4M) offering in UAE. The new service uses Tokenization technology to speed up and simplify the purchase process online and in app, as well as for subscription-based and recurring payments like streaming music and video services, and utility bills. The new tokenization technology is also designed to protect security of consumers and merchants as shopping goes increasingly digital.
Ghady Rayess, Managing Partner, FOO said: “During the pandemic period, we have noticed an exponential growth in demand for online payments. Striving to always deliver the best solution for our customers, M4M provided the perfect fit when it came to security and user experience. Together with Mastercard, we are looking forward to rolling out M4M to all our clients in the region and keep pushing towards a better payment ecosystem.”
Tokenization encrypts consumer data by replacing card numbers with digital tokens. Every time a transaction is made online or with a mobile wallet, a unique token is created to make the payment and ensures that a consumer’s 16-digit card number is not stored anywhere. This prevents improper usage at any other location and provides additional security and peace of mind for consumers and merchants alike, resulting in higher approval rates while minimizing online fraud.