On February 25, MasterCard introduced MasterPass, a new mobile payments service.
The company describes the new service as the “evolution” of its former mobile payments system, PayPass Wallet Services, which was introduced last spring. That service allowed users to create a free account tied to their MasterCard that could be used as a digital wallet at online retailers. It can also be used at certain in-store locations with PayPass terminals.
Those services will remain under the name change. The primary difference of the new service is its focus on partnering with more merchants and retailers. MasterPass can be integrated with various mobile retail campaigns, and can be used in combination with QR codes, near-field communication (NFC) transactions and other in-store and online mobile promotion strategies across a plethora of devices.
Retailers can integrate MasterPass into their branded digital wallets through the new MasterPass API. This allows users to store credit and debit card information as if they had signed up directly through MasterCard. The API also includes MasterCard rewards, real-time alerts and other features.
“Every device is becoming a shopping device,” said Ed McLaughlin, MasterCard Chief Emerging Payments Officer, in a press release. “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.”
MasterCard clearly intends MasterPass to be its omni-channel mobile payments solution, allowing easy payments online and in-store. The latter will be helped with the program’s focus on expanding the number of brick-and-mortar retailers accepting MasterPass. The day the service was announced, Payment solutions company Verifone also revealed that they will begin offering MasterPass support in its mobile point-of-sale apps.
Initially, MasterPass will be available in Australia and Canada by the end of March and will expand to the United States later in the spring. The service will be rolled out in the United Kingdom this summer.
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