Eurobank, one of the leading banks in Greece, recently launched a mobile wallet integrating Mastercard’s Masterpass, in an effort to reduce abandonment rates in e-commerce payments.
The Bank has decided to integrate the wallet in its core Banking app (the “Eurobank Mobile App”) in order to capitalize on the existing user base and authentication mechanisms, aiming to provide optimum experiences and increase adoption rates. App users are able to perform their purchases either through the web or in-app, in online shops around the world that co-operate with Masterpass and validate their payments using the same credentials they already use for their core online banking transactions: their fingerprint or strong 4-digit pin ("one pin solution"). This omnichannel experience is further enhanced by the fact that Eurobank Masterpass service automatically hosts all customer Eurobank cards, of any kind and any scheme, as well as the addresses that the user has registered with the Bank. Therefore, online shoppers do not need to register cards or enter shipping or billing addresses while performing their purchases.
Eurobank customers can activate their wallet instantly, either at the Bank's digital channels (e-Banking, Mobile App) or directly on the merchant’s web site. This "digital by default" strategy led to a significant activation rate, where almost 25% of the app's customer base has already activated its wallet during the first month of operation.
According to Mr. Sotiris Sirmakezis, Eurobank's Group Chief Digital & Technology Officer, "to make customers change the way they perform their daily transactions and to foster engagement, we need to design attractive and frictionless experiences, simplifying their everyday lives. Our implementation of Masterpass provides a seamless payment experience to our app users, from any touchpoint they select to make their purchases
The new wallet service of the Bank caters for payments convergence, thus it will soon also include proximity payments through NFC technology, providing the same experience to app users as for e-commerce transactions. Ms. Aspa Palimeri Country Manager for Greece, Cyprus & Malta, Mastercard commented: "Eurobank’s wallet is a best-in class Masterpass implementation, offering to consumers intuitive, high quality and convergent user experience. We are proud for the result of a very productive cooperation between Eurobank, Mastercard and Mastercard Advisors”
Greece is still among the European countries with the lowest adoption rates in digital transactions usage per capita. However, recent government legislations that force merchants to adopt digital means of receiving payments, together with providing incentives to citizens for paying online in their daily transactions, are expected to give boost to digital payments in the country."