MasterPass heralds new age in digital payments
Mastercard’s digital wallet service—the first of its kind— brings together all the ways people pay into one simple experience.
Now, consumers can make a payment from wherever they are, with just a click, tap or touch.
MasterCard ushers in the future of payments with the rollout of its new, comprehensive digital wallet service, MasterPass.
MasterPass is a service that allows consumers to use any payment card or enabled device to go beyond plastic and discover enhanced shopping experiences that are as simple as a click, tap or touch—online, in-store or anywhere.
The transactions can be made wherever the consumer is—in a taxi, at the office, at the register or in the aisle of a store, from a TV or tablet at home, or even from a seat at a café or sports event.
Already introduced in North America, Europe, and Australia, MasterPass is set to blur the lines between online and offline commerce globally according to Raj Dhamodharan, MasterCard Worldwide’s head of Mobile and e-Commerce for Asia Pacific, Middle East and Africa (APMEA).
“MasterPass echoes MasterCard’s vision not only of a world beyond cash, but beyond plastic, with the way it converges the physical and digital. We are especially proud that it is the first of its kind, and is built on MasterCard’s robust and secure digital infrastructure,” he explained.
Raj recently talked about MasterPass before a gathering of top Philippine bank execs at a product and innovation forum in Manila. Hoping to build the acceptance network for MasterPass in the country, Raj hails the solution’s potential to revolutionize the payments industry.
The shift is expected to take off especially in the Philippines, where a sizeable chunk of day-to-day money transactions—such as buying from the market or sari-sari stores—are still cash-based.
In many ways, MasterPass simplifies and speeds up the payment process. In-store, it supports the use of NFC, QR codes, tags, mobile devices or traditional plastic cards.
For online purchases, on the other hand, it eliminates the need to enter detailed shipping and card information with every purchase for every merchant.
MasterPass also enables banks, merchants and partners to offer their own wallets, while consumers can store card information, address books and more in a secure cloud.
Finally, MasterPass provides information such as account balance, real-time alerts, loyalty programs, as well as Priceless offers, for an enriched shopping experience.
As it leads the transition to the new age in digital payments, MasterCard has been teaming up with financial institutions, merchants and technology firms.
Its merchant partners come from all over the world and across various sectors, and they are all ready to find more ways to engage their customers.
With its innovative new solution, a solid network of partners, and a global market ripe for the shift, MasterCard is truly set to realize its vision of a world beyond cash—and beyond plastic.
