As the share of digital payments in Europe keeps on growing to reach 38% of payments by 2020, the continued transformation of Mastercard is driven by the rapid growth and success of Masterpass, the company’s digital payment service.
40 major issuers across 18 countries in Europe, including KBC Bank in Ireland, Intesa Sanpaolo in Italy, SEB, Nordea, Swedbank, ICA Banken and Resurs Bank in Sweden and Viseca in Switzerland are now using Masterpass to integrate digital payments into their services.
As e-commerce spend in Europe is predicted to grow 55% by 2020 and the number of global smartphone subscription grow from 1.9 billion in 2013 to 5.6 billion by 2019, Masterpass offers the only issuer-branded solution that supports multichannel and multi-device commerce.
By adding digital payment functionality, issuers can enhance and differentiate their existing product suite, including their mobile banking application, and integrate its proprietary services – including balance display, purchase alerts and paying with points – to differentiate its solution from other digital payment options in the market. Key issuers in Asia, Europe and the US have committed to auto-enroll 80 million wallets into Masterpass by year end.
Global expansion and enhancements to Masterpass
The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs. Currently available in 33 markets around the world and with planned expansion to 36 by the end of 2016, 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.
Retailers offer Masterpass acceptance to provide digital shopping experiences to consumers
Masterpass is currently available at hundreds of thousands of retailers online or in-app. Consumers are also now able to use Masterpass at the more than 5 million retail locations in 77 countries that accept contactless payments.
New merchants including Galeria Kaufhof, Media Markt and Saturn in Germany, TicketOne in Italy, Letsbonus and Lastminute in Spain, Boots, See Tickets and The Hut Group in the UK join the more than 100,000 retailers in the region that accept Masterpass, including Trenitalia, Alitalia and Czech Railways.
“Europe is at the forefront of the move to digital at speed and Europeans are demanding not just simple and smart ways to pay and interact but also enhanced experiences which makes life easier digitally,” says Javier Perez, President Europe at Mastercard.
“Together with our partners we are at the leading edge of transforming the way people pay every day and already 200 million can have access to seamless payments via smartphone or connected device with Masterpass. The global momentum we’re achieving with banks, merchants and consumers is proof-positive of our efforts to create simple and secure digital payment experiences anywhere consumers want to shop.”
The post Masterpass gathers momentum in Europe – breakthrough year for digital payment service appeared first on Payments Cards & Mobile.