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MasterPass Removes Digital Payment Barriers

Posted On: 7/21/2016

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TAGS: mobile payments, Mastercard, all-digital payment service, MasterPass, MasterCard Master Pass

PURCHASE, NY -- Mastercard says it's the first network to deliver an omni-channel, all-digital payment service for consumers, issuers and merchants with the debut of MasterPass, a global digital payment service. MasterPass enables consumers to look no further than their own banks or credit unions to make payments across devices and channels -- online, in-app and in-store.

From purchasing a train ticket with a mobile device, to splitting and paying a restaurant bill right at the table, to buying groceries with the tap of a phone in-store and booking a flight online, MasterPass is designed to simplify the checkout experience.

Consumers will now be able to use MasterPass at the more than five million merchant locations in 77 countries that accept contactless payments. Contactless capability will first be available to Android device owners in the U.S. Merchants who will deploy MasterPass in the coming months include JetBlue, Saks.com, Lord and Taylor, Subway app and the Cheesecake Factory app.

MasterPass allows issuing partners to deliver a bank-branded, all-digital payment solution. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally. The enhanced digital payment functionality helps issuers differentiate existing products, including mobile banking apps, by integrating digital payment functionality and new services like purchase alerts and paying with points.

The initial partners supporting the enhanced MasterPass experience are Bank of America, Capital One, Citi and KeyBank, among others. By layering services including tokenization with bank identification and verification of cardholders, MasterCard says it uses the most advanced security methods today to protect consumers from fraud.

The rollout of MasterPass-enabled solutions from issuers in the U.S. begins later this month. Europe and the Middle East/Africa will be the next markets where the converged MasterPass solution will be live by the end of 2016. Additional rollouts in North America, Europe, Latin America and the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and into 2017.