27 March 2015

MasterCard unveils MasterPass digital payments service

25 February 2013  |  10397 views  |  1 Woman shopping with Tablet Computer

MasterCard has unveiled MasterPass, a digital service that lets customers use any card or enabled handset to shop online and in the real world.

Based on the card giant's PayPass Wallet Services, MasterPass is designed to provide merchants with a consistent way to accept electronic payments, wherever they are.

For in-store transactions, either at the register or in the aisle, MasterPass will support the use of NFC, QR codes, tags and mobile device, while for online purchases, shoppers get a simple check-out process, without having to share shipping and card information.

Ed McLaughlin, chief emerging payments officer, MasterCard, says: "Every device is becoming a shopping device. 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."

Banks and merchants can tap MasterCard's technology to offer their own wallets, with consumers storing card information, address books and more in a secure cloud. The wallet is open, which means that in addition to MasterCard, people can use other branded credit, debit and pre-paid cards.

In addition, MasterCard says that its service will "enrich the shopping experience" with information like account balances and real-time alerts, loyalty programmes, and offers and experiences.

Australians and Canadians will be able to sign up for MasterPass, through various bank partners, by the end of March, with customers in the US and UK to follow soon after and people from Belgium, Brazil, China, France, Italy, Netherlands, Singapore, Spain and Sweden getting their hands on the service by the end of the year.

BNP Paribas Fortis Belgium, Banco Santander, Citi, Commonwealth Bank, Swedbank, UniCredit and Westpac are among the banks onboard. Merchants backing the service include American Airlines, Argos, Boots and Vodafone Italy.

A range of technology firms are also working with MasterCard, including mobile money specialist mFoundry, which will use the MasterPass API to deliver connected wallets to its nearly 900 bank customers from early next year.

"Together, mFoundry and MasterPass deliver an outstanding customer experience by integrating mobile banking and mobile payments into one, seamless solution," says Drew Sievers, CEO, mFoundry.

Comments: (1)

John Candido - Black Cabs - Melbourne | 26 February, 2013, 04:39

This is an excellent development.  Currently, there is not a single virtual
wallet available in Australia.  I have the CBA's Kaching but this only allows the CBA's own cards.  I will look forward to March when MasterPass
will come to our country.       

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

18 February, 2013
13 February, 2013
13 December, 2012
07 December, 2012
28 November, 2012
13 November, 2012
17 September, 2012
13 September, 2012
15 June, 2012
08 May, 2012
23 February, 2012
01 December, 2011
11 May, 2011

Related company news


Top topics

Most viewed Most shared
Banking has reached a digital tipping poin...
9130 views comments | 52 tweets | 29 linkedin
Google preps Gmail bill payment feature
4245 views comments | 12 tweets | 12 linkedin
Europe sets the pace as fintech investment...
4027 views comments | 24 tweets | 19 linkedin
Barclays and PayPal join Government ID acc...
3999 views comments | 10 tweets | 10 linkedin
Credit Suisse paper offers qualified bitco...
3950 views comments | 5 tweets | 9 linkedin

Featured job

To £130K + Bonuses
London based with substantial travel in the Region

Find your next job