Mastercard Eliminates Digital Payment Barriers

Mastercard Inc. MA laid the foundation for the future of commerce with the fresh Masterpass global digital payment service. According to the company, this improved solution allows consumers to look to make fast, simple and secure digital payments. That included devices, as well as, channels anywhere the customer want to shop be it online, in app and now in-store with contactless thus removing the digital payment barriers.

Mastercard said that it was the first network to offer an omni-channel, all-digital payment service for its consumers, issuers and merchants. It enabled it to leverage the most advanced methods of payment security available currently.

The company's North America President, Craig Vosburg, said, "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 both now and in the future. The expansion of Masterpass represents an important evolution of our business. We're packaging the intelligence and insights generated by digital payment solutions to power a wide range of merchant and consumer experiences."

Mastercard said its Masterpass simplified everyday payments to the satisfaction of its customers. That included purchasing a train ticket from the user's mobile device, or splitting and paying the customer's restaurant bill right at the table, or buying groceries by tapping phone in-store. The company said that it would also help book a flight online and said that Masterpass simplified the checkout experience.

The card processing firm disclosed Masterpass is currently available at hundreds of thousands of merchants online or in-app. It included Firehouse Subs, Masabi, MLB.com and MLBShop.com, Office Depot and ParkMobile. The company stated that its consumers would be able to use Masterpass at over five million merchant locations in 77 countries, which accept contactless payments.

The company indicated merchants, who would deploy Masterpass in the upcoming months, included JetBlue, Saks.com, Lord and Taylor.com, Subwayapp and The Cheesecake Factory app.

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