PRESS RELEASE
The continued transformation of Mastercard (No. 7 on the Fair360, formerly DiversityInc Top 50 Companies for Diversity list) to an even more digital company continues to be driven by the rapid growth, support and success of Masterpass, the company’s digital payment service. As part of this momentum, Mastercard today announced issuers and merchants around the globe that are making Masterpass available to their customers, enabling fast, simple and secure digital payment experiences across devices and channels online, in-app and in-store.
Global Expansion and Enhancements to Masterpass
The Masterpass vision is to support all forms of commerce in order to address the widest range of merchant experiences and consumer needs.Currently available in 33 markets and with planned expansion to 36 by the end of 2016, Masterpass stores all payment information, including card details from both Mastercard and other payment networks, shipping information, and payment preferences in one convenient, secure place.
In July, Mastercard launched the next stage in the Masterpass journey an omni-channel all-digital payment service for issuers, merchants and consumers leveraging the most advanced methods of payment security available today, including network tokenization. Now live in the United States, the enhanced Masterpass service will continue to roll out in Africa, Asia Pacific, Europe, Latin America and the Caribbean, the Middle East and North America during 2016 and into 2017.
“Around the globe, we continue to work with our bank and merchant customers to deliver new features and functionality to Masterpass that not only solve for their needs, but address the issues facing the ultimate customer the consumer. In doing so, we’ve developed a platform that’s second to none and unique in the market today. The global momentum we’re achieving with banks, merchants and consumers is proof-positive of our efforts to create simple and secure digital payment experiences anywhere consumers want to shop,” said James Anderson, executive vice president, Digital Payment Products, Mastercard.
Issuers Moving to Digital Payments Turn to Masterpass
Masterpass offers the only issuer-branded solution that supports multichannel, multi-device commerce to enable a wide range of consumer shopping preferences. By adding digital payment functionality through Masterpass, issuers can enhance and differentiate their existing product suite, including their mobile banking application, and integrate their proprietary services including balance display, purchase alerts and paying with points to differentiate its solution from other digital payment options in the market. Key issuers in Asia, Europe and the United States have committed to auto-enroll 80 million accounts into Masterpass by year end.
– In North America, the enhanced version of Masterpass was announced with support from leading issuers in the United States including Bank of America, Bank of the West, Capital One, Citi, Fifth Third, Key Bank, PSCU and Sun Trust. Several issuers including Associated Bank,