MasterCard has introduced MasterPass –“the future of digital payments”. MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences that are as simple as a click, tap or touch – online, in-store or anywhere.
“Every device is becoming a shopping device,” explains Ed McLaughlin, chief emerging payments officer, MasterCard. “MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience.”
MasterPass is the evolution of PayPass Wallet Services, which was announced in Spring of 2012 and has been in production trial with select merchants and issuers. Consumers around the world will now be able to sign up for the service through financial institutions in Australia and Canada by the end of March, and in the United States and the United Kingdom later in the Spring and Summer respectively. Additionally, MasterPass availability in 2013 will expand to other markets worldwide, including: Belgium, Brazil, China, France, Italy, Netherlands, Singapore, Spain and Sweden.
The MasterPass suite of services includes:
· MasterPass checkout services – to provide merchants a consistent way to accept electronic payments regardless of where the consumer may be. For in-store scenarios either at the register or in the aisle, MasterPass will support the use of NFC, QR codes, tags and mobile devices used at POS. For online purchases it provides shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase.
· MasterPass-connected wallets – to enable banks, merchants and partners to offer their own wallets. Consumers can securely store card information, address books and more in a secure cloud, hosted by an entity they trust. The wallet is open, which means that in addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.
· MasterPass value added services – to enrich the shopping experience before, during and after checkout. These will include more information like account balances and real-time alerts, loyalty programs, as well as Priceless offers and experiences.
“We understand the strategic importance of achieving true and global convergence in acceptance, security and simplicity across all channels, including digital,” says Javier Herraiz, global director of Innovation in Payments, at Santander Cards.
“MasterPass allows us to offer to our customers, cardholders and merchants an immediate competitive solution for e-commerce, and a great foundation for new in-store experiences. Santander shares MasterCard’s vision of the future of digital payments and a world beyond cash, and we look forward to extending the benefits of MasterPass to additional markets in which we operate, with a global roll-out in the near future.”
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