Nordic banks sign up for MasterPass

Nordea, SEB and Swedbank are to launch digital wallets for consumer online shopping using the MasterPass platform from MasterCard.

MasterPass eliminates the need for consumers to enter detailed shipping and card information to complete their online purchases as the wallet automatically inserts name, address and card information at every purchase.

In Sweden, the wallet has also been integrated with the national Mobile BankID standard for secure log-in.

Alongside the bank support, MasterCard has signed up Internet payment processor Paynova, which will offer its merchant customers the 'buy with MaterPass' button for their Web sites.

Initially being deployed for e-commerce, MasterPass will eventually be expanded to include instore payments via NFC and QR codes.

"With the digital wallet from MasterCard based on their digital platform MasterPass, we will eventually be able to offer a fast, safe and global solution for shopping online, with a smartphone. A solution that in the future will also work in the physical store", says Nils Hilbard, head of strategy at SEB Kort.

Related Companies

Mastercard Nordea SEB (Skandinaviska Enskilda Banken) Swedbank

Channels

Retail banking Payments

Keywords

Cards Mobile & online banking E-commerce

Comments: (1)

Sreeram Yegappan - Cognizant - London 06 January, 2014, 16:05

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My view is that this has been developed to counter Paypal check-outs which are much easier rather than typing in the entire card details on every online purchase and also to ensure we dont leave a digital footprint of card details in every website we purchase from.

One advantage for the retailer is that the middleman is cut out, as Masterpass should build this into their Interbank settlement charges unlike Paypal which will charge a fee..