Alternative Payment Solution: Masterpass
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.
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