British consumers will be the first in Europe to experience MasterPass by MasterCard. Major high street and online brands, including, Argos, Boots, House
of Fraser and The Hut Group, join thousands of retailers in the USA, Australia and Canada offering MasterPass to their consumers. MBNA is confirmed as one of the first issuers on the MasterPass platform in the UK.
For retailers, MasterPass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments,” explains Marion King, President, UK and Ireland at MasterCard.
“MasterPass can help retailers reduce checkout abandonment rates, which affected 37% of all online transactions in Q1 2013, equating to more than £6 billion in much needed revenue per year according to IMRG and Capgemini. UK consumers spend more than £62 billion a year online.”
MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced and secure shopping experiences with just a click, tap or touch – online, in-store or anywhere. It moves payments forward by allowing the consumer to safely store all their payment, store card, loyalty, shipping and billing address details in one place and gives consumers the ability to make a payment from wherever they are with whatever device they have.
“Customers abandon online shopping baskets at the checkout for a number of reasons, such as lack of convenient delivery options or security certification, hidden charges, length of checkout process, or just because they are still browsing and want to ensure the price is complete with no ‘add-ons’,” confirms James Roper, chief executive, IMRG.
“Digital wallets represent a major step forward in bringing down basket abandonment by offering the customer greatly enhanced speed, convenience, trust and certainty.”
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