Market Expansion and a Full Range of Use Cases Highlight Breakthrough Year for Masterpass Global Digital Payment Service
The continued transformation of Mastercard to an even more digital company continues to be 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 the globe 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.
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 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, merchants and consumers leveraging the most advanced methods of payment security available today, including network tokenization. Now live in the United States, the enhanced Masterpass service will continue to roll out in Africa, Asia Pacific, Europe, Latin America and the Caribbean, the Middle East and North America during 2016 and into 2017.
“Around the globe, we continue to work with our bank and merchant customers to deliver new features and functionality to Masterpass that not only solve for their needs, but address the issues facing the ultimate customer – the consumer. In doing so, we’ve developed a platform that’s second to none and unique in the market today. 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 James Anderson, executive vice president, Digital Payment Products, Mastercard.
Issuers Moving to Digital Payments Turn to Masterpass
Masterpass offers the only issuer-branded solution that supports multichannel, multi-device commerce to enable a wide range of consumer shopping preferences. By adding digital payment functionality through Masterpass, issuers can enhance and differentiate their existing product suite, including their mobile banking application, and integrate their 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 United States have committed to auto-enroll 80 million accounts into Masterpass by year end.
Merchants Offer Masterpass Acceptance to Provide Innovative and Secure Digital Shopping Experiences to Consumers
Masterpass provides a way for merchants to deliver the most convenient shopping experiences to their customers. Because Masterpass is backed by banks across the globe, merchants can gain access to the large, still untapped group of mainstream consumers who trust banks to provide them with a digital payment service. Masterpass also provides multilayered security, leveraging techniques such as data encryption and card tokenization, to help protect against the risk of fraud for merchants.
Masterpass is currently available at hundreds of thousands of merchants online or in-app. Consumers are also now able to use Masterpass at the more than six million merchant locations in 77 countries that accept contactless payments, with this capability first available to Android device owners in the United States.
Masterpass QR first launched in August in Pakistan with United Bank Limited (UBL), Pakistan’s Best Bank 2016. Additional launches are planned across Asia Pacific and Middle East and Africa.
Mastercard (NYSE:MA), is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
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