MasterCard Introduces MasterPass Digital Wallet, Partnership With mFoundryBy: Chris Crum - February 25, 2013
MasterCard introduced MasterPass today at Mobile World Congress, calling it the “future of digital payments”. The service lets people use any payment card or enabled device to “discover enhanced shopping experiences”.
MasterPass includes checkout services for merchants, and connected wallets for users.
“Every device is becoming a shopping device,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience.”
MasterPass will be integrated into mFoundry’s nearly 900 bank customers, integrating it into mFoundry’s mobile banking solutions, which have millions of customers.
“Consumers will now shop and pay in whatever way best fits their needs and lifestyles, from every device they have. MasterPass gives them the ability to make a payment from wherever they are, with one simple experience,” said Ed Olebe, Group Head, MasterPass Services, MasterCard. “Integrating with mFoundry’s solution embeds the power of MasterPass into an industry-leading mobile banking platform and enhances both the payment and banking experience for consumers.”
“Together, mFoundry and MasterPass deliver an outstanding customer experience by integrating mobile banking and mobile payments into one, seamless solution,” said mFoundry CEO Drew Sievers. “By bringing together both, financial institutions can transform their mobile banking experience and achieve the broader goal of turning mobile into their most valuable channel.”
MasterCard announced PayPass nearly a year ago, and says MasterPass is an evolution of it. mFoundry will create a digital wallet service using its APIs, and the service will be available early next year. Pilots are expected to launch later this year.