Major high street and online brands including Argos, Boots and House of Fraser join thousands of retailers in the United States, Australia and Canada offering MasterPass to their consumers.
MBNA is confirmed as one of the first issuers on the MasterPass platform in the UK.
MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced and secure shopping experiences with just a click, tap or touch – online, in-store or anywhere. It moves payments forward by allowing the consumer to safely store all their payment, store card, loyalty, shipping and billing address details in one place and gives consumers the ability to make a payment from wherever they are with whatever device they have.
The world we shop in is constantly evolving, and the ways we pay should keep pace. With a single click of the MasterPass button on a retailer site, the consumer can access their wallet of choice and authenticate with a password to checkout. In addition to MasterCard cards, consumers can use other branded credit, debit, prepaid and private label cards.
MasterPass comes as eCommerce growth in the UK continues to outstrip retail sales. MasterCard Advisor’s SpendingPulse data shows total UK year-on-year eCommerce sales grew by more than 12% in May 2013, compared to just 3% growth in overall UK retail sales for the same month last year.
Marion King, President, UK and Ireland at MasterCard said, "For retailers, MasterPass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments. MasterPass can help retailers reduce checkout abandonment rates, which affected 37% of all online transactions in the first quarter of 2013, equating to more than £6 billion in much needed revenue per year according to IMRG and Capgemini. UK consumers spend more than £62 billion a year online."
The full MasterPass suite of services includes:
MasterPass checkout services – provides retailers with a convenient way to accept electronic payments online and in-store from any MasterPass connected wallet. When in-store, MasterPass will work with NFC and QR codes to provide consumer choice about the best way to pay, whether with cards or mobile.
MasterPass connected wallets – providing banks, retailers and other partners with their own branded MasterPass wallet or ability to connect their proprietary wallet to the MasterPass acceptance network.
MasterPass value added services – enriching the shopping experience before, during and after checkout, integrating services such as loyalty programs, as well as Priceless offers and experiences.