Since its presentation in January 2013 at the Mobile World Congress, the MasterPass digital payment service has traveled several countries to reach the United Kingdom, where its European experience has began.
What is Masterpass
MasterPass, labeled as “the future of digital payments” by MasterCard itself, is an electronic payment system in which purchases can be made at the click of a button or with a simple contact, both through the internet and at the establishment itself. .
The Masterpass system groups several services in the same application, among which the MasterPass checkout services stand out. Thanks to this service, merchants will be able to accept payments from their customers whether they are physically present or if they make purchases through the network. At the establishment, MasterPass can be used with rapid response codes (QR), near field communications (NFC) and mobile devices used at points of sale. For electronic purchases, the steps to be followed are simplified, since it is not necessary to enter detailed information about the card or the shipping address.
MasterPass also allows the connection of wallets, allowing banks, establishments and partners to offer their own wallets. In this way, buyers can gather information about their card and their address books in a secure cloud, managed by entities they trust. In addition, MasterPass includes additional information to enrich the purchase process, such as real-time alerts, account balance or loyalty programs.
United Kingdom, the debutant in Europe
The United Kingdom will be the first European country to try MasterPass, after having passed through Australia, Canada and the United States. This service will bring many advantages to retailers in the United Kingdom, as the importance of purchases electronically is increasing.
From now on, British traders will be able to reduce the rates of abandonment of boxes with MasterPass by providing greater security and confidence, and will be able to access in an easier way all the information about their clients. In this way, they will be able to increase sales without hardly changing their payment system, as stated by Marion King, president of MasterCard in the United Kingdom and Ireland.
After passing through the United Kingdom, this new payment system it is gradually being spread throughout Europe.
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