The way we pay has undergone a dramatic transformation. We’ve gone from waiting for cheques to clear to the now-familiar tap of your card, phone or watch to instantly pay for your purchases. This evolution has been driven by a relentless pursuit of convenience, speed and security. From chip technology to AI powered cybersecurity, Mastercard has always been at the forefront of this evolution, pioneering innovations that have reshaped commerce and empowered consumers and businesses worldwide.
Of course, this shift didn’t happen overnight. The cards in our wallet went from imprint machines to magnetic stripes. This step revolutionized transactions, making payments faster not just for consumers, but it dramatically reduced the amount of time businesses had to wait for payments to go through.
Security concerns led to the development of chip technology, which added an extra layer of protection against fraud. Then came tap, a truly contactless payment experience that has essentially eliminated the need to physically swipe or insert your card, making transactions even faster and more convenient.
“Tap now makes up roughly 80 per cent of all in-person transactions in Canada,” said Craig Reiff, Senior Vice President, Core Payments, Mastercard. “This widespread adoption is a testament to how easy the technology is to use, and the growing demand for a seamless experience.”
These innovations have been developed through a proactive focus on the growing demand from shoppers for a seamless payment experience, both online and in-store. In fact, Mastercard research* shows that 7 in 10 Canadians consider convenience the most attractive feature of digital payments. In today’s environment, businesses must think beyond the in-store experience and develop robust e-commerce strategies that provide the safe, easy and fast experiences that consumers expect.
As the digital economy grows, the payments landscape will continue to evolve. Mastercard is actively applying new technologies to make payments more secure, inclusive and accessible. Tokenization, for example, has become a cornerstone of secure online and in-app payments. Now, the company moves into the next phase, agentic payments, which integrates AI to revolutionize commerce.
Mastercard is also pushing the boundaries on how it can apply existing technology in new ways, such as embedding biometric authentication like facial recognition into the online payments space. This technology is already available and widely used in other applications and Mastercard is working to accelerate its adoption to improve the consumer experience as they pay for daily items. Instead of relying on one-time passcodes, consumers can simply scan their face for a much faster, and still secure, checkout.
Looking ahead, payment experiences will become even more seamless and integrated. Imagine a world where payments are embedded into everyday devices and interactions, from your car to your smart home. Or a world where biometric authentication becomes the standard, making payments not only more secure but also more personalized and convenient.
“Our focus on the specific needs of consumers drives us to develop innovative solutions that empower individuals and businesses to thrive in the digital economy,” Reiff added. “As the world’s largest payments network, we use our global expertise to accelerate the pace of progress and define the future of payments.”
Interested in reading more about the future of payments? Click here to read about the trends signaling how payments could evolve by 2030.
*The Mastercard survey was fielded in the spring of 2025. Response data are derived from a representative sample of the Canadian population (N = 2,000) that includes an oversample of small business owners (N= 200). The margin of error for commensurate nationally representative survey responses is ± 2.2% at the 95% confidence interval.*
*Partner Content. To work with Retail Insider, contact Craig Patterson at: craig@retail-insider-com
