For the roughly 700.000 customers of Sparda banks in Germany, this year shopping is about to get easier, quicker and more secure - regardless of whether they're buying online, using a mobile phone or in a store.
This is possible thanks to MasterCard and Worldline [Euronext:WLN]. In September 2013 MasterCard and Worldline already started their cooperation on the provision of the first digital wallet platform with open interfaces available for card-issuing institutes. During the fourth quarter of this year the new, futuristic digital 'Wallet' solution will be available to Sparda customers via internet. The underlying technology of the wallet environment was developed for the Sparda Banks Group by Worldline which meet MasterCard's specification.
"Modern customers are demanding payment options that are simpler, yet more secure at the same time", explains Pawel Rychlinski, General Manager at MasterCard Germany and Division President for Germany & Switzerland. "MasterPass, which we announced last year at the Mobile World Congress in Barcelona, is and remains the most advanced payment technology offered by MasterCard. We're very pleased that the Sparda banks will be offering this innovative solution for their customers on the German market. Unlike competing products, MasterPass is no niche solution. It lets consumers make purchases at any time, 24/7".
"MasterPass represents the first time that institutions can provide their customers a customised payment method that is especially tailored to the needs of mobile and e-Commerce", notes Wolf Kunisch, Director of the Global Business Line Financial Processing & Licensing and CEO at Germany & CEE at Worldline. "Worldline is supporting Sparda bank in this effort as a full-service provider for this highly important area. The integration of the MasterPass Wallet into online banking eliminates the need for customers to undertake any cumbersome registration process, with access to their wallet made significantly easier and more convenient. An international roll-out is also in the planning stages".
Consumers dislike having to register themselves and want to dictate when, where and how they make purchases
MasterPass is a truly global, interoperable solution that makes payment processes quicker, safer and simpler. This clears the path for a more comfortable shopping experience, while also helping consumers and retailers alike take an important step forward in the digital economy.
MasterPass eliminates the need for consumers to register with the individual retailer, an in particular the need to re-enter payment data and shipping data with each new transaction. These are instead stored in the system and are revealed to the retailer automatically when the transaction goes through. The payment process is thus shortened to just a few clicks — a significant time savings.
Online retailers have noticed that many consumers are scared off when faced with the registration process. They simply abandon their purchase if they perceive the need to enter payment and delivery details as being overly complicated. Many consumers then instead return to online retailers where they already have an account. Registration processes and payment conditions have thus become crucial criteria in assessing service performance and competitiveness in online retailers, and ones that tends to benefit the big names in the field. Since its launch in February 2013, MasterPass has been making shopping easier for consumers and merchants. Today, it is live in 10 countries, with 4 more slated to launch before the end of 2014.