The FINANCIAL — In an important industry milestone, Mastercard on July 14 unveiled the foundation for the future of commerce with the new Masterpass global digital payment service.
This enhanced solution enables consumers to look no further than their own trusted bank or credit union to make fast, simple and secure digital payments – across devices and channels – anywhere they want to shop be it online, in app and now in-store with contactless. Mastercard is the first network to deliver an omni-channel, all-digital payment service for consumers, issuers and merchants leveraging the most advanced methods of payment security available today, according to Mastercard.
Masterpass by Mastercard simplifies everyday payments
From purchasing a train ticket from your mobile device, to splitting and paying your restaurant bill right at the table, to buying your groceries with the tap of your phone in-store and booking a flight online, Masterpass simplifies the checkout experience.
Masterpass is currently available at hundreds of thousands of merchants online or in-app including
Firehouse Subs, Masabi, MLB.com and MLBShop.com, Office Depot and ParkMobile. Consumers will now be able to use Masterpass at the more than five million merchant locations in 77 countries that accept contactless payments including BJ’s Wholesale Club. Contactless capability will first be available to Android device owners in the U.S.
Merchants who will deploy Masterpass in the coming months include JetBlue, Saks.com, Lord and Taylor.com, Subway app and The Cheesecake Factory app.
Through the bank or issuer you’ve chosen
Masterpass uniquely empowers issuing partners to deliver a bank-branded, all-digital payment solution. More than 80 million accounts will be automatically enabled through issuing partners as the service rolls out globally. The enhanced digital payment functionality helps issuers differentiate existing products, including mobile banking apps, by integrating digital payment functionality and new services like purchase alerts and paying with points.
The initial partners supporting the enhanced Masterpass experience include Ally Bank, Associated Bank, Bank of America, Bank of the West, BMO Harris Bank, Capital One, Central Bank, Citi, Fifth Third Bank, First Hawaiian Bank, First Tech Federal Credit Union, KeyBank, People’s United Bank, Security Service Federal Credit Union, SunTrust and Virginia Credit Union. By layering services including tokenization with bank identification and verification of cardholders, Masterpass uses the most advanced security methods today to protect consumers from fraud.
The rollout of Masterpass-enabled solutions from issuers in the U.S. begins later this month.Europe and the Middle East/Africa will be the next markets where the converged Masterpass solution will be live by the end of 2016. Additional rollout of the enhanced Masterpass service in North America, Europe, Latin America & the Caribbean, Middle East & Africa and Asia Pacific will continue through 2016 and in to 2017.
“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,” said Craig Vosburg, president of North America, Mastercard. “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.”
Evolving the brand identity
The digitization of commerce and increased connectivity of consumers is driving a digital transformation that will provide seamless payment choices. To reflect a readiness and optimism about this transformation, Mastercard is introducing an evolution of its brand identity – simplified, modernized and optimized for an increasingly digital world. The brand identity starts with a new brand mark, and plays out in a holistic design system that will bring a forward-thinking, sophisticated and inclusive brand expression to every touch point around the world.
“Mastercard is one of those unique brands that is instantly recognizable around the world,” said Raja Rajamannar, chief marketing and communications officer, Mastercard. “To thrive in this new digital world where business moves faster than ever, we want to modernize and elevate the brand in a design that is simple and elegant, yet unquestionably Mastercard.”
The evolved brand identity, including the most comprehensive brand design system ever introduced globally within Mastercard, will be rolled out to all Mastercard products, communications, and experiences, starting with Masterpass later this month, and across Mastercard beginning in the fall.
