Saks Fifth Avenue and Other Merchants to Accept MasterPass

Saks Fifth Avenue and Other Merchants to Accept MasterPass

May 10, 2016         Written By Lynn Oldshue

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.



The information contained within this article was accurate as of May 10, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
Top Features : 2% cash back on purchases: 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Top Features : 0% APR for 21 months on balance transfers and 12 months on purchases; no annual fee, late fee or penalty rate
Top Features : No annual fee, no penalty APR; 0% Introductory APR for 18 billing cycles; free FICO® Score
Top Features : $200 bonus after spending $1,000 in first 90 days; no annual fee; 0% intro APR for first 12 billing cycles
Top Features : Only card to round up rewards to nearest 10 points; 15,000 bonus points after spending $1,000 in first 3 months
Top Features : No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% intro APR for 12 months