MasterCard has officially introduced MasterPass, a digital service that lets consumers use any payment card or enabled device to make purchases.
MasterPass is the natural progression of the PayPass Wallet Service, which launched in the Spring of 2012 and has since been in production trials with select merchants and providers. Following its announcement at the Mobile World Congress in Barcelona, MasterPass will now be available to consumers worldwide.
MasterPass is expected to include financial institutions in Australia and Canada by the end of March with support in the United States and the UK expected later in the Spring and Summer respectively. 2013 will be the year for MasterPass with availability expected to expand to the remaining major world markets — Belgium, Brazil, China, France, Italy, Netherlands, Singapore, Spain and Sweden — by year’s end.
MasterPass services include:
MasterPass checkout services. Provide merchants a consistent means of electronic payments acceptance regardless of consumer location. MasterPass will support NFC, QR codes, tags and mobile devices used at points of sale enabling in-store scenarios at either the register or in the aisle. For online purchases, MasterPass simplifies the checkout process by eliminating the need to enter detailed shipping and card information with every purchase.
MasterPass-connected wallets. Enable banks, merchants and partners to offer their own wallets. Consumers can securely store card information, address books and more in a secure cloud, hosted by a trusted entity. The wallet is open, meaning that in addition to MasterCards, consumers can use other branded credit, debit and prepaid cards.
MasterPass value added services. Enhances the shopping experience before, during and after checkout. Includes additional information like account balances and real-time alerts, loyalty programs, as well as Priceless offers and experiences.
Boasting an impressive list of partners, the MasterPass initiative is certainly a viable option for the banking sector.
In fact, in a joint [venture](http://newsroom.mastercard.com/press-releases/mfoundry-and-mastercard-to-deliver-digital-wallets-services-to-banks/ “”) with mFoundry, MasterCard is providing its MasterPass connected wallet solution to mFoundry’s nearly 900 bank customers.
mFoundry is a provider of mobile banking and mobile commerce. Using software-as-a-service (SaaS), cloud-based mobile banking, mFoundry works with nearly 900 banks and credit unions nationwide, including Bank of America, PNC Bank, Zions Bank and more than one-third of the top 50 financial institutions in the U.S.