MasterCard Introduces Its Next Evolution in Digital Payments
BARCELONA, Spain -- MasterCard Inc. introduced MasterPass, a digital service designed to allow consumers to use any payment card or enabled device to discover enhanced shopping experiences, the company announced at Barcelona's Mobile World Congress
According to MasterCard, MasterPass is the evolution of its PayPass Wallet Services, which was introduced in 2012. MasterPass, which will be available in the U.S. in late spring, allows merchants to accept electronic payments regardless of where the customer is throughout the store. MasterPass supports near field communication (NFC)-enabled devices, QR codes, tags and mobile devices used at the point of sale.
MasterPass also allows merchant to offer their own mobile wallets as consumers can securely store card information, address books and more in a secure cloud.
In addition, MasterPass allows other value-added services like account balances, real-time alerts, loyalty programs and other offers, stated MasterCard.
"Every device is becoming a shopping device," said Ed McLaughlin, chief emerging payments officer for MasterCard. "MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience."
MasterCard also announced it signed on a major U.S. technology provider to integrate MasterCard within its applications. The credit card issuer has teamed up with VeriFone Systems Inc. to use MasterPass as a cloud-based payment option on the GlobalBay Mobile Point of Sale and GlobalBay Clienteling platforms. VeriFone will also support contactless acceptance of the MasterPass wallet.
"VeriFone is continuing to improve the consumer shopping experience and drive omni-channel adoption by helping retailers adopt the new wallet and alternative payment innovations their customers are demanding," said Jennifer Miles, VeriFone's executive vice president for North America. "VeriFone's experience and assets enable us to manage the complexity of integrating these new technologies into the existing retail infrastructure, whether the format is NFC, QR code or the cloud."
VeriFone Systems Inc. is a provider of secure electronic payment solutions.