MasterCard MasterPass arrives in the UK
30 July 2013 | 11681 views | 0
MasterCard has brought on board some major retailers, including Argos and Boots, as well as issuer MBNA, for the UK launch of its MasterPass digital payments service.
MasterPass is designed to provide merchants with a consistent way to accept electronic payments, wherever they are.
For online purchases, shoppers click the MasterPass button on a retailer site, access their wallet and authenticate transactions with a password, without having to enter shipping and card information every time.
With e-commerce sales outstripping the high-street, MasterCard says its service will help retailers reduce checkout abandonment rates, which affected 37% of all online transactions in the first quarter of 2013, equating to more than £6 billion, according to IMRG and Capgemini research.
Argos, Boots, House of Fraser, The Hut Group, and Seetickets.com are among the first UK firms to commit to the service, which is already being used by thousands of retailers in the US, Australia and Canada.
Sarah Jasper, commercial marketing director, The Hut Group, says: "Across each of our retail sites we see innovation in checkout experience having a measurable impact on customer loyalty. MasterPass provides our customers with a faster, more convenient way to shop and helps us attract and retain new customers too."
MasterCard's Andrew Key and IMRG's Andrew McClellend spoke to Finextra about the service: