Time is the new currency in our busy digital lives. We want more time to experience new things and time to spend with the people we love. We want to spend minimum time paying for things. Payment should be as seamless and effortless as possible.
We predict that almost 40 per cent of payments in Europe will be digital by 2020. That’s why Masterpass is the cornerstone in our vision for payments now and in the years to come. We have been building a digital payments platform that is already live in 37 markets around the world, 21 of which are in Europe. As e-commerce becomes increasingly globalized, we need a solution that works across markets and across channels.
With Masterpass, the consumer benefits from an easier online shopping experience where they don’t have to type in their card and shipping details at each purchase; these are securely digitally stored. Our research shows that four in ten Swedish consumers have abandoned a shopping basket online because they didn’t have their payment card close by. This is a clear sign they don’t want to spend more time than necessary to pay.
The Nordics are increasingly cashless, digital economies, where consumers can now use Masterpass in three markets. Sweden went live at the end of 2015, and in the last couple of months, Norway and Finland have also come on board. Research shows that consumers trust their bank the most to offer them a digital wallet, and Masterpass in the Nordics is backed by an ever-growing list of big banks such as Nordea, SEB and Swedbank. Throughout the rest of Europe, well-known banks are supporting us.
The other half of Masterpass’ success is the acceptance. Today’s online retailers need to offer a fast, simple and secure checkout experience to be able to attract new customers as well as keep them coming back. In Europe, 110,000 retailers accept Masterpass payments with more than 340,000 globally. Nordics already have thousands of retailers using Masterpass such as the travel agency TUI, airport train Arlanda Express and Lippu.fi for online tickets. A Swedish travel agent, Smart Resenär, praised Masterpass as a great tool to retain customers; 42 per cent of those who use it come back to use it again, compared to only 29 per cent of those using other means of payment.
Masterpass doesn’t just stop at online payments. It can also be used for in-app and in-store payments through contactless at more than 6 million locations around the world.
Don’t yet have a Masterpass wallet? Visit www.masterpass.com for more details and to sign up today. Time to start shopping! Mastercard takes you to #WhatsNext!
Sasha Krstic, Head of Mastercard Nordics & Baltics