A spanish embrace for MasterPass from MasterCard

MasterPassSpain has becomes the fourth European country offering MasterPass™ services to financial institutions, merchants and consumers. Main Spanish financial entities are already working in the development of MasterPass to offer their clients this new digital payment solution that enhances the shopping experience, both online and in physical stores.

MasterCard say that MasterPass enables consumers to make online payments in a comfortable, fast and safe way by removing the need for consumers to enter detailed shipping and card information to complete their online purchases. This simplifies and makes more comfortable the process of completing the purchase process of any product from any connected device and delivers an overall better payment experience for consumers.

For financial entities, MasterCard is keen to point out that MasterPass, as a service, can be easily customized and commercialized and allows them to offer their clients the option of making payments with digital wallets and increase sales and improve online purchase ratios.

Currently over 30,000 merchants globally already accept the option to make online payments with MasterPass. From now on Spanish consumers will also be able to use this service to make purchases from any electronic device in thousands of online stores all around the world. Merchants including Rakuten.com in the United States, Boots.com and Lastminute.com in UK already accept payments through MasterPass. In Spain, eDreams, Logitravel and Atrápalo are some of the first online merchants that are working to introduce MasterPass to their shoppers.

“Consumer habits are changing radically and online purchase volume is growing rapidly, and not just through personal computers or laptops,” stated Ovido Egido, Country Manager for MasterCard Spain. “The current technology revolution and the proliferation of smartphones and tablets in our country mean that any device is becoming a shopping device, as highlighted by a research published by the Online Business School that stated that mobile commerce already represents 11% of online commerce in Spain. In this context, MasterPass becomes a digital payment solution with great potential for merchants, consumers and financial institutions.”

The company explains that as MasterPass evolves, it will provide consumers with access to additional value-added services including real-time alerts, account balances, purchase history as well as offers, discounts and experiences. The service will also support the use of emerging technologies for in-store purchases, based on the shopping experiences a merchant wants to make available to its customers. “We are developing tools based on new technologies such as NFC or QR codes with the aim of breaking the current barriers between online and physical purchases”, stated Ovidio Egido.

Milan Gauder, Head of Emerging Payments Europe at MasterCard, claims that MasterPass’ success lays in the variety of services it offers and environments where it is capable to operate: “MasterPass has been designed with a wide range of partners in mind, and allows the user to influence their experience based on their business needs and the changing industry dynamics. MasterPass is an open service that fits any need for consumers, financial institutions and merchants.”

After its launch in the UK, followed by recent announcements in Italy and Sweden, Spain becomes the fourth European country to offer MasterPass services. MasterPass is available in the USA, Canada and Australia, and was recently announced in Brazil.  Throughout 2014, it will arrive to several other markets around the world.

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Categories: Digital Payments, Mobile Payments, Online Payments

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