First network to deliver all-digital payment service in-app, online and now contactless with Masterpass
London–July 14, 2016 – In an important industry milestone, Mastercard today unveiled the new Masterpass global digital payment service. Banks will be able to implement the solution within their mobile banking apps – so consumers can make fast, simple and secure digital payments online, in app and now in store with contactless. The solution launched today in the US, and will be available in the UK next year.
Mastercard is the first network to deliver an all-digital payment service across channels for consumers, issuers and retailers leveraging the most advanced methods of payment security available today.
Masterpass by Mastercard simplifies everyday payments
From using your mobile to tap into the Tube in the morning to splitting the bill at lunch, or ordering your weekly shop online, Masterpass is simplifying the checkout experience across a wide range of retailers.
Mastercard today announced it will enable NFC contactless payment capabilities, providing more than five million locations in 77 countries where consumers can use Masterpass to tap and pay. NFC contactless capability will first be available to Android device owners in the U.S.
Through your bank or issuer
Masterpass allows banks and issuers to deliver a customised, bank-branded all-digital payment solution. They’ll be able to integrate digital payment functionality, as well as new services like paying with points directly into mobile banking or other apps. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally.
Tens of millions of cardholders in the US will be the first to use the service later this month. By layering tokenisation with bank identification and verification of cardholders, Masterpass uses the most advanced security methods today to protect consumers from fraud.
By the end of 2016, Europe and the Middle East/Africa will be the next markets where the converged Masterpass solution will be live. It will continue to rollout in North America, Europe, Latin America and the Caribbean, Middle East & Africa and Asia Pacific throughout 2017.
“With billions of cardholders across the globe, we are working with our issuers to ensure that we’re delivering a digital foundation that supports consumer expectations for a familiar and secure payment experience both now and into the future,” said Craig Vosburg, president of North America. “The expansion of Masterpass represents both the next phase of our digital infrastructure and also 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 experiences and address consumer needs.”
Evolving our brand identity
Today, we are also introducing an evolution of our brand identity – simpler, more modern and relevant for the digital world. It starts with a new brand mark.
“Mastercard is one of those unique brands that is instantly recognisable around the world,” said Raja Rajamannar, chief marketing and communications officer. “To thrive in this new digital world where business moves faster than ever, we want to modernise and elevate the brand in a design that is simple and elegant, yet unquestionably Mastercard.”
From autumn, the new brand identity will be incorporated on all Mastercard products, communications and experiences, including Masterpass.
Masterpass is currently available in 32 markets globally, with plans to expand to three more by the end of the year. The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs. Masterpass 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.
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. It leverages the most advanced methods of payment security available today, including tokenization, which ensures information is protected. With Masterpass, you can check out online or in merchant apps by simply clicking the Masterpass button and authenticating to complete the transaction. In-store simply tap to pay at contactless-enabled merchants and get on your way. For a list of Masterpass online and in-app accepting merchants visit www.masterpass.com, in-store enabled merchants can be found here.
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.