MasterCard, Visa Take Major Steps in Digital Payment Industry
Visa and MasterCard both made significant moves in the digital payment markets this week.
MasterCard introduced MasterPass, a digital service that allows customers to purchase items from wherever they are and with any mobile device. Consumers can use any payment card–not just a MasterCard–or enabled device to purchase items in a variety of ways: at the checkout stand; by tapping a smartphone against a merchant payment terminal; scanning a barcode from anywhere in the store; or online.
The digital wallet feature of MasterPass allows a shopper to make an online purchase very quickly since their credit card information is already stored as is their shipping information.
MasterPass evolves from MasterCard’s PayPass Wallet which was introduced in the spring of 2012. MasterPass will be available in Australia and Canada in March and in the United States later this spring. Interested customers can sign up at their financial institutions.
Visa announced that it signed an agreement with ROAM to expand its reach and make it easier for all merchants, big or small, to accept electronic payments using mobile technology.
Credit card issuers are trying to create the technology and increase the of mobile payments, but American consumers have been somewhat slow to adapt to mobile-payment products, preferring the ease of swiping their credit cards.