Mastercard Tokenized One-Third of All Transactions in 2024

In 2024, Mastercard tokenized about 30% of all transactions. The company also focused on developing payment blockchain solutions and simplifying access to digital assets.

Payment giant Mastercard released its 2024 report, highlighting significant progress in the context of payment ecosystem innovations. For example, card numbers in transaction processing are being replaced with secure digital tokens, these tokenized data are now used in approximately one-third of all transactions.

Mastercard also expanded its collaboration with crypto companies to enable the purchase of cryptocurrencies via cards and their subsequent use for goods and services payments. The payment network continues to develop solutions for working with digital assets, including stablecoins and other cryptocurrencies, through partnerships with banks and FinTech companies.

The report also mentions the growth of Mastercard’s Multi-Token Network (MTN), which integrates with financial institutions to enable programmable payments and enhance security, scalability, and compatibility in blockchain ecosystems. In addition, the Alias-Based Remittances and Payouts platform saw success, simplifying cross-border transfers by allowing payments with digital assets.

The report also highlights the growing competition for traditional payment solutions, driven by stablecoins, central bank digital currencies (CBDC), instant payment banking systems, and FinTech solutions. This may impact Mastercard’s position in the global market in the future.

The total transaction volume using stablecoins reached $27.6 trillion in 2024, which was 7.68% higher than the combined volume of transactions in the Visa and Mastercard payment networks.