All-digital payment service in-app, online and now contactless for in-store use with Masterpass
Mastercard has unveiled the new Masterpass global digital payment service. Banks will be able to implement the solution within their mobile banking apps, so consumers can make fast, simple and secure digital payments online, in app and now in store with contactless. The solution has now launched in the US, and will be available in the UK next year.
The company claimed it is the first network to deliver an all-digital payment service across channels for consumers, issuers and retailers leveraging the most advanced methods of payment security available today.
Mastercard also announced today that it will enable near field communication (NFC) contactless payment capabilities, providing more than five million locations in 77 countries where consumers can use Masterpass to tap and pay. NFC contactless capability will first be available to Android device owners in the US.
Masterpass allows banks and issuers to deliver a customised, bank-branded all-digital payment solution. They will be able to integrate digital payment functionality, as well as new services like paying with points directly into mobile banking or other apps. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally.
Tens of millions of cardholders in the US will be the first to use the service later this month. By layering tokenisation with bank identification and verification of cardholders, Masterpass uses the most advanced security methods today to protect consumers from fraud.
By the end of 2016, Europe, the Middle East and Africa will be the next markets where the converged Masterpass solution will be live. It will continue to rollout in North America, Europe, Latin America and the Caribbean, Middle East and Africa and Asia Pacific throughout 2017.
“With billions of cardholders across the globe, we are working with our issuers to ensure that we’re delivering a digital foundation that supports consumer expectations for a familiar and secure payment experience both now and into the future,” said Craig Vosburg, president of North America. “The expansion of Masterpass represents both the next phase of our digital infrastructure and also an important evolution of our business. We’re packaging the intelligence and insights generated by digital payment solutions to power a wide range of merchant experiences and address consumer needs.”