Mastercard Removes Digital Payment Barriers – Shop Across Devices And Channels With Masterpass
In an important industry milestone, Mastercard unveiled the foundation for the future of commerce with the new Masterpass global digital payment service.
This enhanced solution enables consumers to look no further than their own trusted bank or credit union to make fast, simple and secure digital payments – across devices and channels – anywhere they want to shop be it online, in app and now in-store with contactless. Mastercard is the first network to deliver an omni-channel, all-digital payment service for consumers, issuers and merchants leveraging the most advanced methods of payment security available today.
Masterpass by Mastercard simplifies everyday payments
From purchasing a train ticket from your mobile device, to splitting and paying your restaurant bill right at the table, to buying your groceries with the tap of your phone in-store and booking a flight online, Masterpass simplifies the checkout experience.
Masterpass is currently available at hundreds of thousands of merchants online or in-app including
Firehouse Subs, Masabi, MLB.com and MLBShop.com, Office Depot and ParkMobile. Consumers will now be able to use Masterpass at the more than five million merchant locations in 77 countries that accept contactless payments including BJ’s Wholesale Club. Contactless capability will first be available to Android device owners in the U.S.
Merchants who will deploy Masterpass in the coming months include JetBlue, Saks.com, Lord and Taylor.com, Subway app and The Cheesecake Factory in-app.
Through the bank or issuer you’ve chosen
Masterpass uniquely empowers issuing partners to deliver a bank-branded, all-digital payment solution. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally. The enhanced digital payment functionality helps issuers differentiate existing products, including mobile banking apps, by integrating digital payment functionality and new services like purchase alerts and paying with points.
The initial partners supporting the enhanced Masterpass experience include Ally Bank, Associated Bank, Bank of America, Bank of the West, BMO Harris Bank, Capital One, Central Bank, Citi, Fifth Third Bank, First Hawaiian Bank, First Tech Federal Credit Union, KeyBank, People’s United Bank, Security Services Federal Credit Union, SunTrust and Virginia Credit Union. By layering services including tokenization with bank identification and verification of cardholders, Masterpass uses the most advanced security methods today to protect consumers from fraud.
The rollout of Masterpass-enabled solutions from issuers in the U.S. begins later this month. Europe and the Middle East/Africa will be the next markets where the converged Masterpass solution will be live by the end of 2016. Additional rollout of the enhanced Masterpass service in North America, Europe, Latin America & the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and in to 2017.
“With billions of cardholders across the globe, we are working with our issuers and merchants to ensure that we’re delivering digital payments that support consumer expectations for a familiar and secure payment experience both now and in the future,” said Craig Vosburg, president of North America, Mastercard. “The expansion of Masterpass represents 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 and consumer experiences.”
Evolving the brand identity
The digitization of commerce and increased connectivity of consumers is driving a digital transformation that will provide seamless payment choices. To reflect a readiness and optimism about this transformation, Mastercard is introducing an evolution of its brand identity – simplified, modernized and optimized for an increasingly digital world. The brand identity starts with a new brand mark, and plays out in a holistic design system that will bring a forward-thinking, sophisticated and inclusive brand expression to every touch point around the world.
“Mastercard is one of those unique brands that is instantly recognizable around the world,” said Raja Rajamannar, chief marketing and communications officer, Mastercard. “To thrive in this new digital world where business moves faster than ever, we want to modernize and elevate the brand in a design that is simple and elegant, yet unquestionably Mastercard.”
The evolved brand identity, including the most comprehensive brand design system ever introduced globally within Mastercard, will be rolled out to all Mastercard products, communications, and experiences, starting with Masterpass later this month, and across Mastercard beginning in the fall.
The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs. 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. 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. Masterpass also leverages the most advanced methods of payment security available today, including network tokenization, which ensures information is protected.
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 is currently available in 33 markets globally, with plans to expand to three more by the end of the year. 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.
“With the increased connectivity of consumers, delivering an experience that suits the always-on lifestyle of our customers is critically important,” said David Godsman, Emerging Payments executive at Bank of America. “With MasterPass by MasterCard, our cardholders will have one more choice in how they pay for their items securely with a simplified checkout experience.”
“We are entering an exciting time for our customers with respect to payment solutions,” said Paul Appleton, executive vice president, consumer banking product and payment solutions, Bank of the West. “The forthcoming mobile wallet rollout is an example of our deliberate approach in developing digital payment experiences that will allow our customers to make shopping easier and to make purchases in the way they choose.”
“Masterpass makes the checkout process easier and more convenient for our customers, providing them with a great customer experience,” said Patrick Strieck, Managing Director, U.S. Retail and Small Business Payments, BMO Harris Bank. “It’s fast, it’s streamlined, and it’s what our customers want.”
“The ‘new normal’ for customer engagement means giving customers the ability to buy something wherever and whenever they choose. The Masterpass digital payment service will allow us to provide our customers with another convenient and easy way to pay,” said Paul Moreton, vice president, digital product management, Capital One Financial Corporation. “We are focused on innovation and the evolution of digital products and services. Our goal is to provide our customers with payment options that help them succeed and simplify their lives.”
“Citi and Mastercard have worked closely together to launch innovative payment solutions around the world, including the first digital wallet in the U.S. with Citi Masterpass. Since then, we have collaborated to launch wallets in Mexico and India. We are excited to continue to leverage Masterpass’s new offerings to deliver even more value to our clients.” – Barry Rodrigues, Global Head of Digital Payments, Citi
“Fifth Third Bank is excited to offer Fifth Third Masterpass – one of the first bank digital wallets adding both mobile payments and online check-out in the marketplace,” said Randy Koporc, head of Payments and Commerce Solutions for Fifth Third Bank. “By offering digital payment solutions, we are able to provide our customers safe and convenient ways to pay using their mobile device.” Fifth Third Bank
“At First Tech, we have established a strong precedent of providing our members with the most cutting edge payment and security options, from the introduction of chip-and-pin to biometric verification, and now Masterpass,” said Greg Mitchell, CEO of First Tech Federal Credit Union. “Masterpass provides the best of both worlds for our members – incredibly robust security combined with an easy-to-use interface that make digital transactions effortless.”
“The Saks Fifth Avenue customer experience is extremely important to us, whether in our stores or online,” said Dion Rooney, EVP, HBC Digital. “Masterpass is an integral component of providing our customers with seamless and secure shopping at Saks.com.”
“We want to provide options for our clients to pay how they want through a mobile wallet that offers convenience, ease of use and value. Our partnership with Masterpass gives clients new ways to pay that meets their everyday needs.” -Jason Rudman, EVP Head of Consumer Payments and Digital Banking, KeyBank
“We always strive to provide new ways to expand mobile payment options for our customers,” said Ted Josephson, FVP, Payments and Direct Banking at People’s United Bank. “Masterpass by Mastercard’s global acceptance and security are a perfect fit for the chip-enabled People’s United Mastercard® debit card, which also includes a cash back Prewards program, identity theft alerts, and price protection for qualifying purchases.”
“Excellence in service and hospitality is a hallmark of The Cheesecake Factory® and we are always looking for ways to further enhance our guest experience,” said Doug Benn, Chief Financial Officer of The Cheesecake Factory Incorporated. “Our CakePay™ mobile app provides our guests with the convenience of an expedited checkout from their smartphones and the integrated Masterpass by Mastercard payment functionality enables a simplified checkout experience.”
“Our members want their payment experience to be secure, convenient, and straightforward,” said Deb Wreden, senior vice president of product and delivery strategy at Virginia Credit Union, a Richmond-based financial cooperative with 250,000 members. “We’re pleased to partner with Mastercard to bring this technology to our members.”