|By Business Wire||
|February 24, 2014 12:02 AM EST||
At Mobile World Congress, MasterCard today announced MasterPass™ in-app payments, enabling consumers to make secure purchases within a mobile app. MasterPass in-app payments eliminate the need to store payment card credentials across numerous mobile apps, providing consumers with a fast and simple payment experience. Forbes Digital Commerce, Fat Zebra, MLB Advanced Media, NoQ, Starbucks Australia and Shaw Theatres Singapore are among the first app providers that will power their in-app purchasing capabilities with MasterPass.
Consumers are shopping and paying in whatever way best fits their needs and lifestyles – and from every device they have. They are looking for digital ‘shortcuts’ that provide speed, convenience and a great experience. With MasterPass, this can be a simple tap, click or touch at checkout, at home, on the go, and now, directly within an app.
According to ABI Research, overall revenues from mobile applications, including in-app purchases, will reach $46 billion by 2016, more than five times greater than the $8.5 billion earned in 2011. With the average global smart device user having downloaded 26 apps, consumers are storing payment card and other sensitive information with numerous app providers to set up accounts and make purchases.
MasterPass in-app payments extend the capabilities of the current browser-based MasterPass digital service into the mobile app environment, and provide consumers with one secure direct relationship with their bank. Apps with MasterPass embedded in them enable consumers to complete a purchase with as few as one click or touch on their favorite connected device without leaving the app environment. The optimized checkout process creates a seamless shopping experience, supported by the highest levels of security and cryptology.
“We’re excited to begin offering MasterPass to our customers as an innovative digital payment solution. This fully aligns with our philosophy to make in-app commerce as easy and efficient as possible,” said Robert Tibbs, Chairman & CEO, Forbes Digital Commerce.
“MasterPass in-app payments is the latest offering from MasterCard to address the specific needs of the digital ecosystem. We’re creating great experiences for consumers across all channels and all devices, and enabling merchants to reach new consumers in ways not possible in the pre-digital world,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. “We’re also developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security.”
MasterPass in-app payments will be made available to developers and merchants beginning in Q2 of this year. The service requires a quick, seamless integration similar to the process for online merchants – already successfully implemented at more than 30,000 MasterPass merchants to date in Australia, Canada, Italy, the United Kingdom and the United States.
MasterCard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
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