MasterCard introduces MasterPass, the future of digital payments

MANILA, Philippines - MasterCard has introduced MasterPass, the future of digital payments, at the recent Mobile World Congress held in Barcelona. 

MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences that are as simple as a click, tap or touch — online, in-store or anywhere. 

“Every device is becoming a shopping device,” said Ed McLaughlin, chief emerging payments officer of MasterCard. “MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience.”

MasterPass is the evolution of the PayPass Wallet Services announced in the spring of 2012 and has been in production trial with select merchants and issuers.

Consumers around the world will now be able to sign up for the service through financial institutions in Australia and Canada by the end of March, and in the United States and the United Kingdom later in the spring and summer, respectively.

Additionally, MasterPass availability in 2013 will expand to other markets worldwide, including Belgium, Brazil, China, France, Italy, the Netherlands, Singapore, Spain and Sweden.

The MasterPass suite of services includes:

• MasterPass checkout services — to provide merchants with a consistent way to accept electronic payments regardless of where the consumer may be. For in-store scenarios either at the register or in the aisle, MasterPass will support the use of NFC, QR codes, tags and mobile devices used at points of sale. For online purchases, MasterPass provides shoppers with a simple checkout process by eliminating the need to enter detailed shipping and card information with every purchase.

• MasterPass-connected wallets — to enable banks, merchants and partners to offer their own wallets. Consumers can securely store card information, address books and more in a secure cloud, hosted by an entity they trust. The wallet is open, which means that in addition to MasterCard cards, consumers can use other branded credit, debit and prepaid cards.

• MasterPass value added services — to enrich the shopping experience before, during and after checkout. These will include more information like account balances and real-time alerts, loyalty programs, as well as Priceless offers and experiences.

“The most successful next-generation payment product will be considerate of a wider range of stakeholders in its design and allow them to impact the user experience according to their business need and still-evolving industry dynamics. MasterPass reflects this modern sensibility of agnostic-based design but leverages the muscle that only a global network can deliver,” Patricia Hewitt, director of the Debit Advisory Service of the Mercator Advisory Group.

Merchants, financial institutions embrace MasterPass

Since the introduction of PayPass Wallet Services in May 2012, merchants and financial institutions worldwide continue to support MasterCard and its digital payments strategy. 

With the recent announcement, merchants, issuers and supporting partners working with MasterCard to support the launch of MasterPass include:

• Financial institutions: BBVA Bank, BMO, BNLPOSitivity, BNL Italy, BNP Paribas Fortis Belgium, Banco Sabadell, Banco Santander, Banca Sella, Commonwealth Bank, Deutsche Bank Italy, EnterCard, EURO 6000, European Merchant Services, Fifth Third Bank, Handelsbanken, International Card Services Netherlands, Intesa Sanpaolo, Lake Trust Credit Union, ME Bank, NAB, SEB Kort, SIA, Swedbank, TMG Financial Services, UniCredit, and Westpac.

• Merchants: AHL, American Airlines, Argos, Boots, Grocery Gateway, Harvey Norman, Hikingboots.com, JB Hi-Fi, LogiTRAVEL, Mediamarket Spa Italy, MLB Advanced Media, Park Avenue Coffee, Roses Only Group, Runningshoes.com, Vodafone Italy and Wintercheck Factory.

In addition to these merchants, through MasterCard’s work with service providers and payment gateways worldwide, MasterPass will be available at more than 5,900 merchants.

• Technology partners: Adyen, Buckaroo, CQR, Cardinal Commerce, Cart32, CO-OP Financial Services, DataCash, Demandware, ICBA Bancard inc., Merchant Warrior, mFoundry, Moneris, OPENTECH.com, Paycorp Holdings, PSCU, Reply, Sage Pay, SIA, The Members Group and Usablenet.