Consumers and merchants alike have been looking for ways to make the payment and loyalty program elements of shopping more convenient and seamless. While online redemption of offers is commonplace for consumers, the industry is just starting to deliver the same functionality at point-of-sale checkout via a mobile app. With the introduction of a new technical specification, MasterCard is taking steps to deliver a unified, seamless check-out experience both in-store and in-app.
„The Loyalty middleware specification enables mobile applications to offer a seamless connection between payment, promotions and loyalty redemption. It enables consumers to select their loyalty card, the coupons/promotions they want to redeem, and make a payment in a single or double tap at a contactless terminal.”, according to the press release.
“We’ve all been there, fumbling with a loyalty fob, coupon and payment card. We’ve worked closely with various industry partners to develop and implement one standard approach to enable a seamless experience in redeeming loyalty points or promotions when making mobile payments at the point of sale,” said James Anderson, executive vice president, Digital Payments, MasterCard. “Having one standard will make it easier and less costly for merchants, wallet issuers, terminal providers and others in the industry to implement these programs and focus on other elements of the customer experience.”
MasterCard has been working with a number of industry partners to develop and validate this standard, which is designed to work with different loyalty schemes, different point of sale terminals and systems, and different payment methods.
At CARTES SECURE CONNECTIONS, taking place November 17-19 in Paris, France, MasterCard is showcasing an implementation of loyalty and promotion redemption using Ingenico Group’s MarketPlace. Demos are also being shown with Spire Payments and PAX devices. Additional industry partners participating in this effort include eThor, Newland and Panasonic.
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:
