Consumers in the UK will be the first in Europe to experience MasterPass, the wallet service offered by MasterCard which it has previously launched in the US, Australia and Canada.
MasterPass pulls together a user’s payment details, loyalty and store cards, shipping and billing address details into one place. The wallet is designed to be used for proximity payments (QR codes and NFC) as well as online transactions.
The service is initially available with UK retailers The Hut Group and Prezzy Box. Next week it will be available with the Boots.com website and then House of Fraser next month. MasterCard has signed up a range of other retail partners, both high street and online.
In addition, card issuer MBNA is signed up to the MasterPass platform.
In the case of online commerce, the idea is to make transactions smoother as well as reassure users about security.
The consumer clicks on a Masterpass button on a website to access their wallet and authenticate a transaction with a password before heading for checkout. There is no need to enter credit card details to finish the transaction.
“MasterPass can help retailers reduce checkout abandonment rates, which affected 37 per cent of all online transactions in the first quarter of 2013, equating to more than £6 billion in much needed revenue per year,” said Marion King, the credit card firm’s president UK and Ireland.
MasterCard says consumers can add rival credit cards, as well as debit, prepaid and private label cards to their wallet.
In physical stores, MasterCard’s wallet works with both physical cards and smartphones. In the case of devices, payments are via QR codes and NFC, although the latter is not yet available.
The card giant will also provide retailers, banks and other partners with their own branded MasterPass wallets. Alternatively, they can link their existing wallets to the MasterPass acceptance network.
The UK launch is in keeping with the timetable for the wallet’s introduction announced back in February at Mobile World Congress when the credit card giant announced the MasterPass initiative.
Source: www.mobileworldlive.com
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