MasterCard to offer Masterpass for in-store payments
MasterCard is expanding the Masterpass digital payment platform
MasterCard is expanding Masterpass digital payment platform in stores to enable shoppers use the service on their mobile phones at store check-out terminals.
Masterpass is already available for in-app payments or online retailers, which allows shoppers to check out with the credit cards loaded to their Masterpass account.
Through the recent initiative MasterCard is expanding to physical stores, where customers can use mobile phones to pay with Masterpass at the register, just as they would do with Samsung Pay, Apple Pay, or Android Pay.
As part of the mobile payment expansion strategy, MasterCard has collaborated with merchants and financial institutions, enabling them to use Masterpass to offer mobile-payment products to their customers.
At the outset, Masterpass is being supported by Ally Bank, Associated Bank, Bank of America, Bank of the West, BMO Harris Bank, Capital One, Central Bank, Citi, Fifth Third Bank, First Hawaiian Bank, First Tech Federal Credit Union, KeyBank, People’s United Bank, Security Services Federal Credit Union, SunTrust and Virginia Credit Union.
The launch of Masterpass-enabled solutions from issuers in the US starts later this month. Europe and the Middle East/Africa will be the next markets where the converged Masterpass will be live by the end of 2016.
The company said that additional rollout of the enhanced Masterpass service in North America, Europe, Latin America & the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and in to 2017.
MasterCard president of North America Craig Vosburg said: “With billions of cardholders across the globe, we are working with our issuers and merchants to ensure that we’re delivering digital payments that support consumer expectations for a familiar and secure payment experience both now and in the future.
“The expansion of Masterpass represents 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 and consumer experiences.”
MasterCard claims that Masterpass leverages the most advanced security methods, including tokenisation with bank identification and verification of cardholders, to protect consumers from fraud.