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October 25, 2016updated 25 Jul 2022 4:10am

Mastercard Masterpass built in to digital wallets for online payments

Digital wallet service users from three of the biggest players can now pay online and at stores.

By CBR Staff Writer

Mastercard has entered into agreements with Microsoft, Google and Samsung to integrate Masterpass services to their respective digital wallet services.

From early 2017 Mastercard users in the US using Microsoft Wallet, Android Pay and Samsung Pay services could be able to shop in online stores, wherever Masterpass service is accepted.

Masterpass was announced by Mastercard, earlier this year to offer banks and other partners to provide an all-digital payment solution.

Safe, secure and fast digital payments can be easily made with Masterpass across several devices and channels including online shopping, shopping from physical stores, in-app purchases and contactless payments, the company says.

By storing credit card, debit card and prepaid card information in Masterpass, the checkout and payment process can be simplified. Mastercard says it is focused on storing the information in a secured manner. Since, the information will be stored at one place; it can allow users to make payments in just one click or one touch.

Any store which accepts Masterpass can now use digital wallet services with the secure tokenised credentials and device authentication methods to complete transactions online or at a physical store.

Microsoft corporate vice president Eric Lockard said: “We’re excited to bring Masterpass to Microsoft Wallet users.

“Masterpass provides an additional payment option for our customers who look to the Microsoft Wallet to conveniently checkout at their favorite online shopping sites.”

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Mastercard claims that from now on customers, banks, merchants and the whole payments ecosystem can be benefited by using Masterpass integrated with digital wallets.

Customers could have the freedom and choice to use their wallets and digital payment services as well as freedom to shop at stores that accept Masterpass,

Mastercard chief innovation officer Garry Lyons said: “Mastercard is working to ensure that every one of our accounts is as digital as the people using them.

“Enabling our cardholders to use digital wallets to shop online via Masterpass is the latest example of our work – alongside our banks, merchants and digital partners – to deliver rich, innovative, compelling and secure ways to pay and get paid across all channels and devices, redefining commerce globally.”

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