Mastercard’s ‘Masterpass’ enables the user to shop from their mobile device, securely and speeds up the checkout process. It also does wonders in aiding you to manage your transactions.
The response to a safer and more secure shopping experience, “MasterCard is not in the wallet business, we’re in the business of helping our partners, issuers and merchants alike, enrich their offerings so they can deliver a richer, deeper, customized end user experience. As a company, we’re making investments to drive this convergence and push the technology forward,” stated Mastercard.
It also “enables wallet development, MasterPass allows our partners to avoid creating a wallet from scratch. Using MasterPass also avoids having to build an acceptance network for each wallet solution,” added Mastercard.
MasterPass is equally beneficial to merchants. “There is a great value proposition for merchants to accept MasterPass. It provides merchants with a faster, easier way to check out their customers. Additionally, it provides a way to increase sales without significantly changing the way merchants currently process payments,” Mastercard highlighted.
Security is key
“Consumer MasterPass accounts are protected by multiple layers of security, including a CVC check, address verification and text messages to a user’s mobile phone whenever a change is made to the account. In addition, users can add an optional enhanced security feature of a one– time use security code delivered by text message at each purchase,” Mastercard said.
The tech further has a strong authentication process when registering for a digital wallet within the Acceptance Network.
“This is to prevent anyone but the cardholder from registering for one of these digital wallets. In addition, when transactions happen, fraud scoring takes place as this is now an industry standard. MasterCard works with bank partners’ Fraud Prevention programs as well,” said Mastercard.
Masterpass now boasts with a network of more than 40 000 merchants, globally.
“They know merchandising, marketing and loyalty efforts only pay off when shoppers convert to buyers. Building online revenues means attracting the right consumers and reducing checkout friction. MasterPass has proven that it provides the security, speed and ease to help consumers complete their transactions,” said Mastercard.