Digital Payment Just Got Even Better

As the millennium edges forward, we have continued to witness many new technological advancement in digital technology, which have influenced the way we shop and make payments. The rate of transformation is so rapid that it will not take too long before we come to the point when shoppers would no longer queue before a cash attendant at the mall to make payment for items purchased. A period of seamless and secure shopping across various platforms that will totally transform the way shoppers and shop owners transact business. 

Digital Wallet is a great innovation that caters for online shoppers who want to make payment for items purchased through online payment processors, which form part of the digital payment chain that consist of the processors, issuers, merchants and the customers. This quadruple relationship is closely interdependent and any interference of any one of the linkages could cause a rippling disruptive, which might effect the entire payment chain.

This technology has been around for quite some time and issuers such as MasterCard and PayPal are in the forefront of the sector. QuickTeller, a product of Interswitch is another strong player along with many other digital wallet service providers; but the one that will clearly push its way to dominance in the industry in the coming years is none other than the newly introduced Masterpass, which is a product of MasterCard.

The Masterpass digital wallet, which is founded on the same secure token technology used by major financial institutions around the world, which provides a high level of security that have earned the trust of their customers.

Research by Google titled, “The New Multi-screen World: Understanding Cross-platform Consumer Behavior,” shows that over 90% of consumers move between their connected devices throughout the day. Masterpass seamless shopping experience across devices and shopping channels, allows issuers to serve more digital consumers, whether they are shopping online, in-app or in-store.

What is Masterpass?

Masterpass is an improved and digital payment systems for an easy and efficient digital transaction between the shoppers, shop owners, their card network and their banking institutions, whereby a single account provides fast and simple digital payment across different platforms such as online stores, in-app, and in-store.

In the Mastercard Advisors report, “Embracing Digital Payments to Influence Cardholder Behavior and Issuer Loyalty,” it revealed that digital shoppers spend 10 times more than their less-digital peers. Masterpass helps merchants connect to millions of consumers who are enabled to use digital payments through their banks.

Masterpass is different from other online payment solutions, because it is built for the mainstream consumer, which are the banks; the providers most trusted with online payment solutions. Masterpass is also is the first digital wallet to work across different channels and devices.

How Masterpass Works 

Masterpass is offered through several leading financial institutions globally, and more than 80 million Master card subscribers may benefit through their Masterpass issuing partners. Masterpass features an easy checkout with a quick and secure way to pay on your website, through your app, or in your store, whereby eliminating the need for customers to type in card numbers or addresses repeatedly.

Shoppers do not have to own more than one account, because a single account can be used across thousands of online merchants and millions of store locations where Masterpass is accepted globally. Customers can also pay by a quick tap of their mobile device on items while shopping in store, thereby saving them time and all the hassle at check out where NFC contactless systems are used at the point of sale.

Merchants who want to offer Masterpass as a checkout option, must integrate with Masterpass developer tools including APIs and the mobile checkout SDK, and must also accept Mastercard-branded payment cards, enable online purchases via web, .mobi site, as well as mobile app. There are no fees required for Merchants to use Masterpass and same applies to consumers.

There are no fees for consumers to use Masterpass, and there are also no fees for merchants to use Masterpass. You may incur development costs to implement Masterpass on your site(s) or app(s) if you use third-party resources to help you; or enable your point-of-sale system for in-store payments.