MasterPass payment– the new, simple and convenient digital wallet from MasterCard- is a way of paying online with the multi-tiered MasterCard network security partnered with your own bank. MasterPass payment is the perfect blend of convenience and new age safety. It enables the storage of your payment and shipping information in a safe place by your bank enabling you to fearlessly shop and checkout with confidence at small and big retailers using all your devices, wherever you get the option of buying with MasterPass. The electronic wallet allows online payment using pre-registered debit or credit card details and personal shipping address. Taking payments to another level, it lets the user do things like scan barcodes and instantly buy items with their device, right on the spot.
Every mobile device is now becoming a shopping device and thus, MasterPass is a great way of enhancing the shopping experience, making it as simple as click, tap and touch.
The MasterPass payment suite includes:
- MasterPass Checkout Services – It provides to the merchants a consistent way of accepting electronic payments, regardless of the consumer’s location. For the in-store scenarios, MasterPass payments support the use of QR Codes, NFC, tags and devices used at points of sale. For the online payments, MasterPass provides the users a simple checkout process which eliminates the need of entering the card and shipping details with every purchase.
- MasterPass Connected wallets – It enables the merchants, partners as well as banks to offer their own wallets. The consumers can store the card details and address information and more securely in cloud storage, hosted by a trusted entity. The payment wallet is implying that in addition to the MasterCard cards, the consumers can also use other branded debit, credit and prepaid cards.
- MasterPass Value Added Services– It enriches the shopping experience before, during and after the checkout. It includes more information like real-time alerts, account balance, loyalty programs as well as valuable offers and experiences.
Simple steps to get started with MasterPass
- Activate through your bank
Look out for “Pay with MasterPass” logo
3. Checkout tapping “Buy with MasterPass”
4. Shop the world
Value propositions to merchants accepting MasterPass
MasterCard extends great value proposition to merchants accepting MasterPass. Providing the merchants with a faster and easier way to check out customers, MasterPass also provides a significant way to increase sales making minor changes to the way merchants process payments currently.
Some other examples of how MasterPass can benefit the merchants include:
- Fostered customer loyalty – Understanding the fact that customer loyalty is important for the merchants, MasterPass has incorporated more functionality into the open wallet. It will accept loyalty cards, enabling the customers to earn points following every use.
- Simplified shopping experience –MasterPass is an open wallet. The consumers can use card from any issuer, with this secure service. They can check out with a single tap as an easy way to pay and gain a seamless, secure shopping experience.
- More transactions – MasterPass allows the consumers to check out with few short clicks. Often, they avoid entering extensive billing and shipping details – MasterPass eliminates this wastage of time.
Summary
MasterPass is the first global digital wallet and thus it is anticipated to bring significant changes in the mobile payment horizon. Being present in 24 countries worldwide, this payment system arrives as a collective solution to the new age payment requirements along with high level security. Today, when a major fraction of the payment transactions are performed online, the global wallet solutions have got an unprecedented importance taking in sight the demand of convenience and security from the consumers. Within a scenario, where digital lifestyle is being wholeheartedly embraced, MasterPass payment being the first of its kind can do something that has never been seen before. Not only they are anticipated to optimize the checkout experience but also they will increase the e-commerce sales by enhancing the customer experience.
