MasterCard, a technology company in the global payments industry,has announced MasterPass in-app payments, at MWC. This solution enables 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, which result in a fast and simple payment experience.
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.
Commenting on this announcement, Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, said,“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. 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.”
