Today, in an important industry milestone, Mastercard has unveiled the foundation for the future of commerce with the new Masterpass global digital payment service. This enables consumers to look no further than their own trusted bank or credit union to make fast, simple and secure digital payments – across devices and channels – anywhere they want to shop be it online, in app and now in-store with contactless.
Masterpass simplifies everyday payments and checkout experience, it helps issuers differentiate existing products, including mobile banking apps, by integrating digital payment functionality and new services like purchase alerts and paying with points. It also allows issuers to design and develop their own branded digital payment solution using Masterpass APIs and SDKs, while merchants can use Masterpass APIs and SDKs to enable checkout online and within mobile apps.
More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally. The rollout of the enhanced Masterpass service in North America first, followed by Europe, Latin America & the Caribbean, Middle East & Africa by the end of 2016, Asia Pacific will continue through 2017.
“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,” said Craig Vosburg, President of North America, Mastercard. “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 is one of those unique brands that is instantly recognizable around the world,” said Raja Rajamannar, Chief Marketing and Communications Officer, Mastercard. “To thrive in this new digital world where business moves faster than ever, we want to modernize and elevate the brand in a design that is simple and elegant, yet unquestionably Mastercard.
For a list of Masterpass online and in-app accepting merchants visit www.masterpass.com. In-store enabled merchants can be found here.
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