MasterCard Introduces MasterPass - The Future of Digital Payments
MasterPass gives consumers a better way to pay while enhancing and simplifying the physical and digital shopping experience
To tweet this news, copy and pastehttp://bit.ly/XpDhd1to your Twitter handle with the hashtag #MasterCard and #MWCashless
BARCELONA--(BUSINESS WIRE)-- At Mobile World Congress, MasterCard today 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.
MasterPass offers a one touch check out, saving the consumer time and simplifying the overall shopping experience. (Photo: Business Wire)
"Every device is becoming a shopping device," said 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 points of sale. For online purchases, MasterPass 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.
"The most successful next generation payment product will be considerate of a wider range of stakeholders in its design and allow them to impact the user experience according to their business need and still-evolving industry dynamics. MasterPass reflects this modern sensibility of agnostic-based design but leverages the muscle that only a global network can deliver," said Patricia Hewitt, Director, Debit Advisory Service, Mercator Advisory Group.
Merchants and Financial Institutions Embrace MasterPass
Since the introduction of PayPass Wallet Services in May of 2012, merchants and financial institutions worldwide continue to support MasterCard and its digital payments strategy. With today's announcement, merchants, issuers and supporting partners working with MasterCard to support the launch of MasterPass include:
Financial institutions: BBVA Bank, BNLPOSitivity, BNL Italy, BNP Paribas Fortis Belgium, Banco Sabadell, Banco Santander, Banca Sella, Bank of Montreal, Citi, Commonwealth Bank, Deutsche Bank Italy, EnterCard, EURO 6000, European Merchant Services, Fifth Third Bank, Handelsbanken, International Card Services Netherlands, Intesa Sanpaolo,Lake Trust Credit Union, ME Bank, NAB, SEB Kort, SIA, Swedbank, TMG Financial Services, UniCredit and Westpac.
Merchants: AHL, American Airlines, Argos, Boots, Grocery Gateway, Harvey Norman, Hikingboots.com, JB Hi-Fi, LogiTRAVEL, Mediamarket Spa Italy, MLB Advanced Media, Park Avenue Coffee, Roses Only Group, Runningshoes.com, Vodafone Italy and Wintercheck Factory. In addition to these merchants, through our work with service providers and payment gateways worldwide, MasterPass will be available at more than 5,900 merchants.
Technology partners: Adyen, Buckaroo, CQR, Cardinal Commerce, Cart32, CO-OP Financial Services, DataCash, Demandware, ICBA Bancard inc., Merchant Warrior, mFoundry, Moneris, OPENTECH.com, Paycorp Holdings, PSCU, Reply, Sage Pay, SIA, The Members Group, Usablenet and VeriFone Systems, Inc.
Supporting Partner Quotes
"We understand the strategic importance of achieving true and global convergence in acceptance, security and simplicity across all channels, including digital. 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." Javier Herraiz, Global Director of Innovation in Payments, at Santander Cards
"As a digital retail leader, we are keen to be at the forefront of new ways customers can shop with us. With customers rapidly changing their mix of shopping methods, whether internet, mobile device or in store, MasterPass will in due course enable us to provide our customers with a simple, quicker and secure way to shop."John Walden, Managing Director, Argos
Find a complete list of MasterCard's news announcements from Mobile World Congress in ourDigital Press Kitand follow us @MasterCardNews #MWCashless #MAMobileSymp to join the conversation.
MasterCard (NYS: MA) , www.mastercard.com,is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20130224005178/en/
Brian Gendron, 914-249-1284
KEYWORDS: United States Europe North America New York Spain
The article MasterCard Introduces MasterPass - The Future of Digital Payments originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.