Mastercard wants to increase online payment security in Latin America and the Caribbean by introducing a roadmap for companies in the region.
The firm plans to increase engagement with banks, retailers and partners to improve online payment security and improve the consumer experience.
According to Mastercard, demand for e-commerce in LAC grew from 126 million people in 2016 to 156 million in 2019, with online sales keeping pace with growth and expected to rise from $40 billion in 2016 to $80 billion in 2019.
To accelerate the adoption of security technologies required to cope with e-commerce 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 e-commerce players, well as the introduction of "cutting-edge online security technologies and services."
As well as driving the plan alongside its customers, Mastercard's approach will focus mainly on accelerating the adoption of authentication and tokenization technologies in 2019, according to Jeff Wilson, Mastercard's executive vice president of services. Initiatives around these two areas have already been introduced by the firm in the region in recent years.
"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," Wilson says.