Saks Fifth Avenue and Other Merchants to Accept MasterPass
MasterPass by MasterCard has gained a set of new partners that will take its digital commerce platform to the next level. Among those new partners are luxury retailer Saks Fifth Avenue and fashion social commerce marketplace, Poshmark. Later this year, MasterPass will also be integrated into NAB Velocity, a payments platform from North American Bancard.
MasterPass by MasterCard operates similarly to digital payment platforms like PayPal, acting as a secure middleman between consumer financial information and online merchants. MasterPass stores payment account information for each user, but it never reveals that information to the merchant. The merchant may gather the name and shipping address of the customer from the MasterPass account to speed up the checkout process, but bank and credit card information are encrypted and locked away by MasterPass. The checkout process itself is still the same–the only difference is who receivees the financial information.
Over the last three years, MasterPass has seen slow but steady growth worldwide. It is now accepted at over 270,000 merchants in 29 different countries. Account holders do not need a MasterCard credit card or debit card in order to use MasterPass. Any compatible payment card can be uploaded into a user’s digital wallet, even if it comes from a competitor.