Mastercard has unveiled an enhanced version of its Masterpass digital payment platform, adding in-store NFC mobile payment capability to the service that has so far only been available for online and in-app payments.
“It enables consumers to look no further than their own trusted banks to make fast, simple and secure digital payments across devices and channels, anywhere they want to shop — online, in-app and now in-store using contactless,” the payment network says. “Masterpass also leverages the most advanced methods of payment security available today, including network tokenization.
“Consumers have the ability to use the connected device of their choice to make payments online or in-app via Masterpass, not being restricted to specific operating systems, device manufacturers or device models. NFC contactless capability will be made available to Android device owners for in-store tap and pay purchasing.
“The addition of NFC contactless payment to the Masterpass service now enables consumers to use Masterpass in-store at more than five million merchant locations in 77 countries where Mastercard contactless payments are already accepted. Contactless capability will first be available to Android device owners in the US.”
Global roll out
The financial institutions initially supporting the enhanced Masterpass service 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 Service Federal Credit Union, SunTrust and Virginia Credit Union.
“More than 80m accounts will be automatically enabled through issuing partners as the service rolls out globally,” Mastercard continues. “The roll out of Masterpass-enabled solutions from issuers in the US 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 roll out of the enhanced Masterpass service in North America, Europe, Latin America and the Caribbean, Middle East and Africa and Asia Pacific will continue through 2016 and into 2017.”
“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 company adds.
“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,” says Craig Vosburg, president of North America at 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.”