MasterCard Expands Masterpass to Include In-Store Payments
July 14 2016 - 11:20AM
Dow Jones News
MasterCard Inc. said it is expanding its Masterpass digital
payment platform to let shoppers use the service on their mobile
phones at store check-out terminals, creating another rival to
Apple Inc.'s Apple Pay and a growing number of other mobile-payment
products.
MasterCard also said it is launching a new campaign to modernize
its brand, including the use of a lowercase "c" in the company
logo.
As part of the mobile expansion, MasterCard is partnering with
merchants and financial institutions so they can use Masterpass as
the technology backbone to offer mobile-payment products to their
customers.
"With billions of cardholders across the globe, we are working
with our issuers and merchants to ensure that we're delivering
digital payments that support consumer expectations for a familiar
and secure payment experience," said Craig Vosburg, MasterCard's
president for North America.
The move is the latest in a string of products, such as Apple
Pay, that let customers load credit-and-debit card information into
their mobile phones to pay for purchases in stores with their
devices instead of using a traditional plastic card.
Masterpass previously was available for online purchases that
were made on phones, tablets or other devices. The expanded
in-store use is based on so-called contactless technology in which
shoppers hold the phone up to the terminal to make the payment.
MasterCard said a number of lenders are signing up for the
Masterpass wallet, including regional banks Fifth Third Bancorp,
SunTrust Banks Inc. and KeyCorp. The card network also noted that
it will continue to support other mobile-payment platforms,
allowing its cards to be loaded into those products.
Write to Robin Sidel at robin.sidel@wsj.com
(END) Dow Jones Newswires
July 14, 2016 11:05 ET (15:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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