As the share of digital payments in Europe keeps on growing to reach 38% of payments by 2020, the continued transformation of Mastercard to an even more digital company is driven by the rapid growth, support and success of Masterpass, the company’s digital payment service.
As part of this momentum, Mastercard today announced issuers and merchants around Europe that are making Masterpass available to their customers, enabling fast, simple and secure digital payment experiences across devices and channels - online, in-app and in-store. By end of June 2016, Masterpass was accessible to 200 million consumers across 18 countries in Europe, almost twice as much as by end of Q1 2016.
40 major issuers across 18 countries in Europe, including KBC Bank in Ireland, Intesa Sanpaolo in Italy, SEB, Nordea, Swedbank, ICA Banken and Resurs Bank in Sweden and Viseca in Switzerland are now using Masterpass to integrate digital payments into their services.
Roland Zwyssig, CMO of Viseca Card Services SA said: “we have chosen Masterpass by Mastercard as it is a global, customer-friendly and secure solution. From January to June 2016 we have achieved 400,000 Masterpass registrations, really impressive.”
As e-commerce spend in Europe is predicted to grow 55% by 2020 and the number of global smartphone subscription grow from 1.9 billion in 2013 to 5.6 billion by 2019, Masterpass offers the only issuer-branded solution that supports multichannel and multi-device commerce. By adding digital payment functionality through Masterpass, issuers can enhance and differentiate their existing product suite, including their mobile banking application, and integrate its proprietary services - including balance display, purchase alerts and paying with points - to differentiate its solution from other digital payment options in the market. Key issuers in Asia, Europe and the US have committed to auto-enroll 80 million wallets into Masterpass by year end.
Global expansion and enhancements to Masterpass
The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs. Currently available in 33 markets around the world and with planned expansion to 36 by the end of 2016, Masterpass stores all payment information, including card details from both Mastercard and other payment networks, shipping information, and payment preferences in one convenient, secure place.
In July, Mastercard launched the next stage in the Masterpass journey - an omni-channel all-digital payment service for issuers, retailers and consumers leveraging the most advanced methods of payment security available today, including network tokenisation. Now live in the United States, the enhanced Masterpass service will be rolled out in Europe and Middle East later this year. In Europe, Mastercard is on course to secure more than 225 million cards and payment devices with its tokenisation encryption technology to combat fraud across 18 countries.
Retailers offer Masterpass acceptance to provide innovative and secure digital shopping experiences to consumers
Masterpass is currently available at hundreds of thousands of retailers online or in-app. Consumers are also now able to use Masterpass at the more than five million retail locations in 77 countries that accept contactless payments. New merchants including Galeria Kaufhof, Media Markt and Saturn in Germany, TicketOne in Italy, Letsbonus and Lastminute in Spain, Boots, See Tickets and The Hut Group in the UK join the more than 100,000 retailers in the region that accept Masterpass, including Trenitalia, Alitalia and Czech Railways. Masterpass provides retailers with multilayered security, leveraging techniques such as data encryption and card tokenisation, to help protect against the risk of fraud. Masterpass APIs and SDKs available on the Mastercard Developers site enable merchants to seamlessly integrate Masterpass into their websites and mobile apps.
In the UK, Mastercard is reinventing the way people pay when eating out. With Qkr! with Masterpass, consumers can pay for their food, add items to their order, split the bill, and add a tip all from their smartphone. The service is now widely available in the UK with restaurant chains such as wagamama, Ask Italian, Zizzi’s and Carluccio’s all offering it as a way to pay for their customers.
“Europe is at the forefront of the move to digital at speed and Europeans are demanding not just simple and smart ways to pay and interact but also enhanced experiences which makes life easier digitally. Together with our partners we are at the leading edge of transforming the way people pay every day and already 200 million can have access to seamless payments via smartphone or connected device with Masterpass. The global momentum we’re achieving with banks, merchants and consumers is proof-positive of our efforts to create simple and secure digital payment experiences anywhere consumers want to shop,” said Javier Perez, President Europe at Mastercard.