Market Expansion and a Full Range of Use Cases Highlight Breakthrough Year for Masterpass Global Digital Payment Service
The continued transformation of Mastercard to an even more digital company continues to be driven by the rapid growth, support and success of Masterpass, the company’s digital payment service. As part of this momentum, Mastercard today announced issuers and merchants around the globe that are making Masterpass available to their customers, enabling fast, simple and secure digital payment experiences across devices and channels – online, in-app and in-store.
Global Expansion and Enhancements to Masterpass
The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs.Currently available in 33 markets and with planned expansion to 36 by the end of 2016, Masterpass stores all payment information, including card details from both Mastercard and other payment networks, shipping information, and payment preferences in one convenient, secure place.
In July, Mastercard launched the next stage in the Masterpass journey – an omni-channel all-digital payment service for issuers, merchants and consumers leveraging the most advanced methods of payment security available today, including network tokenization. Now live in the United States, the enhanced Masterpass service will continue to roll out in Africa, Asia Pacific, Europe, Latin America and the Caribbean, the Middle East and North America during 2016 and into 2017.
“Around the globe, we continue to work with our bank and merchant customers to deliver new features and functionality to Masterpass that not only solve for their needs, but address the issues facing the ultimate customer – the consumer. In doing so, we’ve developed a platform that’s second to none and unique in the market today. The global momentum we’re achieving with banks, merchants and consumers is proof-positive of our efforts to create simple and secure digital payment experiences anywhere consumers want to shop,” said James Anderson, executive vice president, Digital Payment Products, Mastercard.
Issuers Moving to Digital Payments Turn to Masterpass
Masterpass offers the only issuer-branded solution that supports multichannel, multi-device commerce to enable a wide range of consumer shopping preferences. By adding digital payment functionality through Masterpass, issuers can enhance and differentiate their existing product suite, including their mobile banking application, and integrate their proprietary services – including balance display, purchase alerts and paying with points – to differentiate its solution from other digital payment options in the market. Key issuers in Asia, Europe and the United States have committed to auto-enroll 80 million accounts into Masterpass by year end.
- In North America, the enhanced version of Masterpass was announced with support from leading issuers in the United States including Bank of America, Bank of the West, Capital One, Citi, Fifth Third, Key Bank, PSCU and Sun Trust. Several issuers including Associated Bank, Fifth Third Bank, First Tech Federal Credit Union, KeyBank, People’s United Bank, Security Service Federal Credit Union and Virginia Credit Union, are now live with the enhanced version of Masterpass, with additional launches planned for this year.
- Forty major issuers across 18 countries in Europe, including KBC Bank in Ireland, Intesa Sanpaolo in Italy, SEB, Nordea, Swedbank, ICA Banken and Resurs Bank in Sweden and Viseca in Switzerland, are now using Masterpass to integrate digital payments into their services.
- In the Asia Pacific region, AXIS Bank and CIMB Bank have signed on to support the use of Masterpass by their cardholders. These banks join dozens of financial institutions in the region, including Commonwealth Bank, National Australian Bank, Westpac, Bank of Ningbo, China Construction Bank, Bank of East Asia, HSBC, Maybank, DBS Bank, OCBC Bank, Standard Chartered Bank, UOB Bank, Hang Seng Bank, Dah Sing Bank, Fubon Bank and Cathay United Bank, in providing more options to pay to their customers.
- In the Middle East and Africa, more than 18 Masterpass-enabled wallets are live, with support coming from eight leading banks in the United Arab Emirates (UAE), and four leading banks in South Africa including Standard Bank and Absa Bank.
- In Latin America and the Caribbean, Masterpass is currently live in Colombia and Brazil, supported by key issuers including Caixa and Porto Seguro.
Merchants Offer Masterpass Acceptance to Provide Innovative and Secure Digital Shopping Experiences to Consumers
Masterpass provides a way for merchants to deliver the most convenient shopping experiences to their customers. Because Masterpass is backed by banks across the globe, merchants can gain access to the large, still untapped group of mainstream consumers who trust banks to provide them with a digital payment service. Masterpass also provides multilayered security, leveraging techniques such as data encryption and card tokenization, to help protect against the risk of fraud for merchants.
Masterpass is currently available at hundreds of thousands of merchants online or in-app. Consumers are also now able to use Masterpass at the more than six million merchant locations in 77 countries that accept contactless payments, with this capability first available to Android device owners in the United States.
- In North America, Kohls.com, Match and United Airlines join the growing roster of merchants committed to supporting Masterpass including BJ’s Wholesale Club, The Cheesecake Factory, Crate & Barrel, Office Depot, Saks.com/LordandTaylor.com and Walmart
- In Europe, new merchants including Galeria Kaufhof, Media Markt and Saturn in Germany, TicketOne in Italy, Letsbonus and Lastminute in Spain, Boots, See Tickets and The Hut Group in the UK join the more than 100,000 retailers in the region that accept Masterpass, including Trenitalia, Alitalia and Czech Railways. In the UK, Mastercard is reinventing the way people pay when eating out. With Qkr! with Masterpass, consumers can pay their bill, add items to their order, split tabs, and add a tip all from their smartphone. The service is now widely available in the UK with restaurant chains such as wagamama, Ask Italian, Zizzi’s and Carluccio’s all offering it as a way to pay for their customers.
- Within the Asia Pacific region, ComfortDelGro taxi, Singapore’s largest taxi operator, leverages Masterpass to enable its customers using the ComfortDelGro taxi booking app to easily pay for rides with a few clicks of their smartphone. Pizza Hut customers in the Philippines and Hong Kong leverage Masterpass to complete their online and in-app orders, while in Singapore, the availability of Masterpass on AXS e-Station and AXS m-Station enables consumers to quickly and safely complete their bill payments.
- In the Middle East and Africa, leading merchants including Novo Cinemas and Aido.com in the UAE have chosen to offer Masterpass as a payment option for their customers. In South Africa, Masterpass is accepted for online, in-store and in-app payments at a range of merchants including Netflorist, Takealot, South African Airways, Le Creuset and Mango Airlines. Card-based mobile top-up continues to deliver new levels of consumer convenience in South Africa, and Masterpass has been extended to support payments in-store or face-to-face at more than 3,000 iKhokha retailers and service providers. In the UAE, BEAM, a mobile commerce and rewards platform, has implemented Masterpass at more than 3,000 merchants, including a unique fuel use case with Emirates National Oil Company-owned gas stations.
- Leading merchants including Ricardo Electro, Renner and Novo.com in Latin America and the Caribbeanare offering Masterpass to their customers as a simple and safe way to make digital payments.
Masterpass QR Launches to Address Digital Payment Acceptance Challenges of Micro, Small and Medium Enterprises (MSMEs) in Developing Markets
With more merchants – of all sizes and in all corners of the globe – beginning to accept electronic payments and expand their presence across digital, Mastercard introduced Masterpass QR, a quick, intuitive and secure way for consumers to pay, eliminating the need to use cash and helping merchants enhance the degree of convenience their customers can expect when shopping with them. To safely pay for online and in-store purchases, consumers scan a Quick Response (QR) code displayed at checkout on their smartphones or enter a merchant identifier into their feature phones. Consumers then enter the amount of the transaction and their PIN to complete the transaction.
Masterpass QR first launched in August in Pakistan with United Bank Limited (UBL), Pakistan’s Best Bank 2016. Additional launches are planned across Asia Pacific and Middle East and Africa.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.