11 December 2016
Visit aciworldwide.com

MasterCard unveils MasterPass digital payments service

25 February 2013  |  11571 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
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)

Finextra news in your inbox

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

Related stories

Contactless m-payments come to Mobile World Congress

Contactless m-payments come to Mobile World Congress

18 February 2013  |  7395 views  |  0 comments | 12 tweets | 6 linkedin
Visa targets developing world with plug-and-play mobile money service

Visa targets developing world with plug-and-play mobile money service

13 February 2013  |  9045 views  |  0 comments | 15 tweets | 10 linkedin
Bank cards on buses will save Londoners time and money - MasterCard

Bank cards on buses will save Londoners time and money - MasterCard

13 December 2012  |  9900 views  |  8 comments | 10 tweets | 3 linkedin
MasterCard launches rePower cash-to-emoney service in the UK

MasterCard launches rePower cash-to-emoney service in the UK

07 December 2012  |  8014 views  |  1 comments | 8 tweets | 3 linkedin
RBS becomes first UK bank to back Visa V.me wallet

RBS becomes first UK bank to back Visa V.me wallet

28 November 2012  |  12824 views  |  0 comments | 26 tweets | 13 linkedin
Visa signs 50 US financial institutions to digital wallet

Visa signs 50 US financial institutions to digital wallet

13 November 2012  |  9215 views  |  0 comments | 32 tweets | 10 linkedin
MasterCard launches mobile PayPass SDK

MasterCard launches mobile PayPass SDK

17 September 2012  |  7788 views  |  0 comments
MasterCard and World Food Programme team on 'digital food'

MasterCard and World Food Programme team on 'digital food'

13 September 2012  |  7200 views  |  0 comments
MasterCard joins EUR25m iZettle funding round

MasterCard joins EUR25m iZettle funding round

15 June 2012  |  11969 views  |  10 comments
MasterCard unveils digital wallet and open API

MasterCard unveils digital wallet and open API

08 May 2012  |  13493 views  |  0 comments
MasterCard targets underbanked with mobile money partnership programme

MasterCard targets underbanked with mobile money partnership programme

23 February 2012  |  9376 views  |  0 comments
MasterCard invests in mFoundry

MasterCard invests in mFoundry

01 December 2011  |  7612 views  |  0 comments
Visa preps digital wallet

Visa preps digital wallet

11 May 2011  |  12941 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comVisit aciworldwide.comFind out more

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8798 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8371 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8083 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7333 views comments | 24 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6934 views comments | 20 tweets | 24 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job