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Beyond the Transaction: Every Transaction Has a Story

MasterPass: Helping Financial Institutions Better Serve All Consumers

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With the announcement of Apple Pay, mobile payments received a major shot in the arm.  And with good reason: Apple was a key player that had the potential to change the dynamics of the market.  Apple collaborated with financial institutions and payment networks (including MasterCard) to deliver a secure, at-scale mobile payments technology. This is great news for mobile payments at large.

But, while many financial institutions are feverishly investing to get their share of the Apple Pay ecosystem, forward-thinking financial institutions have also recognized the importance of charting their own payments destiny.  These financial institutions view Apple Pay as a complement to their overall mobile payments strategy rather than a replacement for it.

Why? First, while iOS represents an important platform, it still represents less than half of the smartphones in the US and only 20% globally.  Financial institutions need to provide solutions that work across all platforms.  Furthermore, they have long recognized that many consumers would rather connect payment credentials to their bank rather than to a technology provider or retailer.  At a time when security infrastructures are being compromised daily, there is an even greater desire for payment solutions backed by the safety and security of solutions of a trusted banking partner.  Financial institutions are well positioned to integrate these capabilities with their mobile banking solutions to create a compelling suite of services.  These services can reinforce a bank’s brand positioning of delivering the right mix of convenience and security.

Finally, as every device becomes a commerce device, consumers will demand ubiquity.  Whether it’s the next connected washing machine or gaming console, those who can drive global acceptance at scale will win.  Solutions that scale will enable all shopping experiences across channels:  in-store, online or in-app.

As financial institutions seek to chart this destiny, MasterPass is the platform to support them in that mission.  With over 40,000 merchants worldwide enabled today, MasterPass continues to innovate by growing its acceptance footprint and offering flexible deployment options.  These solutions range from turnkey to fully customizable with an approach to showcase and highlight a financial institution’s brand rather than commoditizing them.

With our most recent upgrades to the MasterPass platform, consumers can now enjoy a single-click mobile checkout experience without ever having to store payment credentials on a merchant’s site.  Retailers can also now offer safe, secure MasterPass browser-based transactions without a consumer having to leave the retailer’s site, minimizing site abandonment and improving conversion rates.

Financial institutions have a clear role to play in the mobile payments ecosystem, and MasterPass is here to enable them to deliver the simplest and safest shopping experiences possible, now more than ever.