In an important industry milestone, MasterCard today unveiled the foundation for the future of commerce with the new Masterpass global digital payment service. This enhanced solution enables consumers to look no further than their own trusted bank or credit union to make fast, simple and secure digital payments – across devices and channels – anywhere they want to shop be it online, in app and now in-store with contactless. Mastercard is the first network to deliver an omni-channel, all-digital payment service for consumers, issuers and merchants leveraging the most advanced methods of payment security available today.
Masterpass is currently available at hundreds of thousands of merchants online or in-app. Consumers will now be able to use Masterpass at the more than five million merchant locations in 77 countries that accept contactless payments. Contactless capability will first be available to Android device owners in the U.S.
Through the bank or issuer you’ve chosen
Masterpass uniquely empowers issuing partners to deliver a bank-branded, all-digital payment solution. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally. The enhanced digital payment functionality helps issuers differentiate existing products, including mobile banking apps, by integrating digital payment functionality and new services like purchase alerts and paying with points.
The rollout of Masterpass-enabled solutions from issuers in the U.S. begins later this month.Europe and the Middle East/Africa will be the next markets where the converged Masterpass solution will be live by the end of 2016. Additional rollout of the enhanced Masterpass service in North America, Europe, Latin America & the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and in to 2017.
“With billions of cardholders across the globe, we are working with our issuers and merchants to ensure that we’re delivering digital payments that support consumer expectations for a familiar and secure payment experience both now and in the future,” said Craig Vosburg, president of North America, Mastercard. “The expansion of Masterpass represents an important evolution of our business. We’re packaging the intelligence and insights generated by digital payment solutions to power a wide range of merchant and consumer experiences.”
Partner Quotes
“With the increased connectivity of consumers, delivering an experience that suits the always-on lifestyle of our customers is critically important,” said David Godsman, Emerging Payments executive at Bank of America. “With MasterPass by MasterCard, our cardholders will have one more choice in how they pay for their items securely with a simplified checkout experience.”
“Citi and Mastercard have worked closely together to launch innovative payment solutions around the world, including the first digital wallet in the U.S. with Citi Masterpass. Since then, we have collaborated to launch wallets in Mexico and India. We are excited to continue to leverage Masterpass’s new offerings to deliver even more value to our clients.” – Barry Rodrigues, Global Head of Digital Payments, Citi.
“The ‘new normal’ for customer engagement means giving customers the ability to buy something wherever and whenever they choose. The Masterpass digital payment service will allow us to provide our customers with another convenient and easy way to pay,” said Paul Moreton, vice president, digital product management, Capital One Financial Corporation.
About Masterpass
Masterpass stores all payment information, including card details from both Mastercard and other payment networks, shipping information, and payment preferences in one convenient, secure place. With Masterpass, you can check out online or in merchant apps by simply clicking the Masterpass button and authenticating to complete the transaction. In-store, simply tap to pay at contactless-enabled merchants and get on your way. Masterpass also leverages the most advanced methods of payment security available today, including network tokenization, which ensures information is protected.
Masterpass allows issuers to design and develop their own branded digital payment solution using Masterpass APIs and SDKs, while merchants can use Masterpass APIs and SDKs to enable checkout online and within mobile apps. Masterpass is currently available in 33 markets globally, with plans to expand to three more by the end of the year.
Source: www.mastercard.com
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
