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New Mastercard service taps global digital payment stakes

New Mastercard service taps global digital payment stakes
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Mastercard, a payment technology company, says it has rolled out a new global digital payment solution, Masterpass, to ease digital payment service to consumers.

Mastercard says that Masterpass will let consumers shop across devices and channels and let them look “no further than their own trusted bank or credit union to make fast, simple and secure digital payments across devices and channels anywhere they want to shop, be it online, in app and now in-store with contactless.”

A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos
A bank staff seen using an ATM at an exhibition showcasing banking technologies and services in Lagos

Mastercard says the omni-channel, all-digital payment service for consumers, issuers and merchants uses advanced payment security. It will also simplify everyday payments and by layering services including tokenization with bank identification and verification of cardholders, Masterpass uses the most advanced security methods today to protect consumers from fraud, the payments technology company says.

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]Mastercard says that Masterpass will let consumers shop across devices and channels and let them look “no further than their own trusted bank or credit union to make fast, simple and secure digital payments across devices and channels anywhere they want to shop, be it online, in app and now in-store with contactless.”[/quote]”Masterpass simplifies the checkout experience for consumers, from purchasing a train ticket from their mobile devices, to splitting and paying restaurant bill right at the table, to buying groceries with the tap of their phones in-store and booking a flight online”, according to Mastercard.

The tech company says its new digital payment solution- Masterpass is currently available at hundreds of thousands of merchants online or in-app including Firehouse Subs, Masabi, MLB.com and MLBShop.com, Office Depot and ParkMobile, adding that consumers will now be able to use Masterpass at more than five million merchant locations in 77 countries that accept contact-less payments.

Masterpass will let issuing partners deliver a bank-branded, all-digital payment service to over 80 million accounts on the globally payments service, Mastercard adds.

The roll-out of Masterpass-enabled solutions from issuers in the U.S. begins later this month, while Europe and the Middle East/Africa will be the next markets where the converged Masterpass solution will be live by the end of 2016 and additional roll-out of the enhanced Masterpass service in North America, Europe, Latin America & the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and into 2017, the company says.

 

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Elizabeth Edozie Technology Journalist @Technology Times 08077671659 elizabeth.edozie@technologytimes.ng

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