Alternative Payment Solution: Masterpass

Alternative Payment Solution: Masterpass

Summary

Masterpass by Mastercard is a global payment service launched in 2013 as an extension of the PayPass wallet service. It allows users to store card details and billing addresses for faster checkout online. Once details are saved it skips the process of entering card and shipping details for all future payments. It also allows users to make in-store payments via smartphone by scanning a QR code or waving their NFC-enabled phone at POS terminals at partnered merchant stores. Masterpass works on all web-enabled devices, including desktop computers, mobile phones, and tablets.

The payment solution was initially launched in Australia, Canada, the US, and the UK and later expanded across Europe, Asia, Africa, and the Middle East. It is currently supported by 340,000 online websites and apps and is accepted at 7 million offline merchant locations globally, with more joining each month. Since Masterpass incurs no extra charges in addition to regular interchange fees, merchants have a significant incentive to encourage usage of this solution.

Masterpass is supported by major payment schemes Mastercard, Visa, American Express, Diners Club, and Discover, and by major global banks. Users can add debit, credit, and prepaid cards to their Masterpass or connected wallet account. In the US, Masterpass has collaborated with 199 banks and financial institutions.

The report provides information and insights into alternative payment solution Masterpass including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performance, including its revenue model
• The company's important events and milestones.

Scope

• In February 2013, Masterpass was introduced by Mastercard.
• In July 2016, launched in-store payment service via Masterpass, enabling users to make contactless payments.
• In August 2016, launched Masterpass QR for QR-based online and in-store payments.
• The solution works on all web-enabled devices including desktops, mobile phones, and tablets.

Reasons to buy

• Gain insights into Masterpass's business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.