MasterCard Unveils MasterPass – A New Digital Payment Solution

mastercardOn Monday, MasterCard unveiled a new digital payment system MasterPass at the Mobile World Congress. 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. It is the evolution of PayPass Wallet Services, which was announced in Spring of 2012 and has been in production trial with select merchants and issuers.

Ed McLaughlin, chief emerging payments officer, MasterCard said,”Every device is becoming a shopping device. 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 checkout services provides merchants with a consistent way to accept electronic payments regardless of where the consumer may be.  It will support the use of NFC, QR codes, tags and mobile devices used at points of sale. For online purchases, MasterPass provides shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase.

MasterPass-connected wallets  will 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  aim 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.

Consumers around the world will now be able to sign up for MasterPass 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, Netherlands, Singapore, Spain and Sweden.

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