Digital payments platform Masterpass has been available to 200m consumers in Europe as of the end of June 2016. “40 major issuers across 18 countries in Europe are now using Masterpass to integrate digital payments into their services,” Mastercard says. The company unveiled an enhanced version of Masterpass in July 2016 to enable in-store NFC mobile purchases through the platform.
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This powerful mechanism for addressing “card not present” fraud in online commerce is not only more secure but significantly more convenient for the customer. However, its effectiveness depends upon brand promotion and merchant adoption. If, as often predicted, and as happened in Europe, the adoption of EMV drives fraud from the point of sale to online, adoption may be urgent.