Mastercard is all set to create the very first “network of digital wallets” for its consumers to make digital transactions more common through its Masterpass wallet program slated to launch in early 2017, though no fixed date has been officially announced for the release. Android Pay and Samsung Pay are also expected to make a big appearance next year as well, and will integrate Masterpass for merchants to accept Masterpass on apps and websites. The venture is mostly inspired from credit card companies like Chase, PNC, and US Bank and their support for cloud-based payment technology systems.
Raj Dhamodharan, Senior Vice President for Operating Systems and Social Networks at Mastercard, made the announcement. For users who own their personal Windows 10 Mobile device that supports Tap To Pay on Microsoft Wallet, Masterpass integration can be enjoyed in-store and online.
The advanced Masterpass solution is going to allow fast, simple, safe and secure digital payments to millions of users without compatibility restrictions based on device. It really looks like Microsoft has put a lot of thought and determination into building the foundation for the next wave of digital transactions. What started as a concept of digital tokens has turned into the Mastercard Digital Enablement Service, which computes a consumer’s actual credit or debit card number through a one-time digital key called a token.
Masterpass, as core to MasterCard’s digital strategy, is a service that possesses the features necessary to store all payment information, including card details of both MasterCard and other payment networks, shipping information, and payment preferences in a single place, something that closely mirrors Amazon.com’s 1-Click ordering button. Mastercard, with its Masterpass venture, aims to bring extended support for all forms of commerce and address most merchants and consumer preferences.
“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,” said Garry Lyons, chief innovation officer at MasterCard.
Masterpass is currently available in 33 markets and will soon spread to 35 before 2016 leaves us. You can get the Microsoft Wallet for free here.
See the Masterpass in action: