Masterpass by Mastercard is a global payment service launched in 2013 as an extension of the PayPass wallet service. It allows users to store multiple card details and billing addresses for faster checkout online. Once details are saved it skips the process of entering card and shipping details for all future payments. It also allows users to make in-store payments via smartphone by scanning a QR code or waving their NFC-enabled phone at POS terminals at partnered merchant stores. Masterpass works on all web-enabled devices, including desktop computers, mobile phones, and tablets.
The payment solution was initially launched in Australia, Canada, the US, and the UK and later expanded across Europe, Asia, Africa, and the Middle East. The solution is now available in 40 countries and accepted in 107 countries. It is currently supported by 360,000 online websites and apps and is accepted at 7 million merchant locations globally, with more joining each month. Since Masterpass incurs no extra charges in addition to regular interchange fees, merchants have a significant incentive to encourage usage of this solution.
Masterpass is supported by major payment schemes Mastercard, Maestro, Visa, American Express, Diners Club, and Discover, and by major global banks. Users can add debit, credit, prepaid, and loyalty cards to their Masterpass or connected wallet account. In the US, Masterpass has collaborated with around 150 banks and financial institutions.
The report provides information and insights into alternative payment solution Masterpass, including -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company’s important events and milestones
- Masterpass by Mastercard is a global payment service launched in 2013 as an extension of the PayPass wallet service.
- Masterpass is free of charge for both customers and merchants.
- In October 2017, Masterpass expanded its partnership with PayPal in Europe, Latin America and the Caribbean, the Middle East, and Africa.
- In December 2017, Masterpass was launched in Egypt.
Reasons To Buy
- Gain insights into Masterpass’s business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.