Mastercard unveiled a new digital payment service three years ago called Masterpass, but it has not proven itself a major threat to PayPal.
On Thursday, Mastercard announced a revamped Masterpass that it called an important industry milestone: consumers can now make simple and secure digital payments anywhere they want to shop – whether it’s online, in-app and now in-store – across devices and channels.
Interestingly there was speculation this month about the possibility of Mastercard acquiring PayPal. On Wednesday, PayPal CEO Dan Schulman denied the rumors and said PayPal was not up for sale despite rumors, Silicon Valley Business Journalreported.
Thursday’s announcement from Mastercard seems to dispel the rumors as well.
The company said Masterpass is simplifying the checkout experience across a wide array of retailers – the new Masterpass can be used in more than five million brick-and-mortar merchant locations in 77 countries where consumers can use Masterpass to tap and pay.
Here’s how it explained the revamped Masterpass:
“Masterpass stores all payment information, including card details from both Mastercard and other payment networks, shipping information, and payment preferences in one convenient, secure place. With Masterpass, you can check out online or in merchant apps by simply clicking the Masterpass button and authenticating to complete the transaction. In-store, simply tap to pay at contactless-enabled merchants and get on your way. Masterpass also leverages the most advanced methods of payment security available today, including network tokenization, which ensures information is protected.”
Contactless capability will first be available to Android device owners in the US, and merchants who will deploy Masterpass in the coming months include JetBlue, Saks.com, Lord and Taylor.com, Subway app and The Cheesecake Factory app.
Beginning later this month, Masterpass will be incorporated into all Mastercard products, communications, and experiences.
