This week, Mastercard has launched their MasterPass Digital Wallet service in the UK, with hopes to roll out the service throughout Europe if all goes well with the UK rollout.
The new Mastercard MasterPass Digital Wallet is already available in the United States, Canada, and Australia and is a free service that enables you to store all your payment, shipping, and loyalty information in one place.
Benefits of MasterPass Digital Wallet
Allowing you to use just one device with multiple cards or accounts, the MasterPass Digital Wallet simplifies the online shopping experience. MasterCard’s Marion King explained:
“For retailers, Masterpass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments. Masterpass can help retailers reduce checkout abandonment rates, which affected 37 per cent of all online transactions in the first quarter of 2013, equating to more than £6 billion in much needed revenue per year according to IMRG and Capgemini. UK consumers spend more than £62 billion a year online”
The convenience of having all your payment details in one place cannot be overstated. It eliminates the need to repeatedly enter card details for every purchase, thereby speeding up the checkout process. This is particularly beneficial for mobile shoppers who often abandon their carts due to cumbersome checkout procedures.
Retailers and Consumer Adoption
UK retailers currently accepting the new Mastercard MasterPass Digital Wallet include Boots UK, Argos, House of Fraser, The Hut Group, Seetickets.com, and MBNA. These partnerships are crucial for the success of MasterPass, as they provide a broad range of shopping options for consumers right from the start.
Moreover, the adoption of digital wallets like MasterPass is expected to grow as more consumers become comfortable with online shopping and digital payments. According to a report by Statista, the number of digital wallet users worldwide is projected to reach 4.4 billion by 2023. This trend is driven by the increasing penetration of smartphones and the growing preference for contactless payments, especially in the wake of the COVID-19 pandemic.
MasterPass also offers enhanced security features. It uses advanced encryption and tokenization technologies to protect your financial information. This means that your actual card details are never shared with the merchant, reducing the risk of fraud.
In addition to security, MasterPass offers a seamless integration with various loyalty programs. This means you can easily accumulate and redeem points without having to carry multiple loyalty cards. For instance, if you frequently shop at Boots UK, you can link your Boots Advantage Card to your MasterPass account and automatically earn points on your purchases.
The service also supports various payment methods, including credit, debit, and prepaid cards from different issuers. This flexibility makes it easier for consumers to manage their finances and choose the payment method that best suits their needs.
The launch of MasterPass in the UK marks a significant step towards the future of digital payments. With its user-friendly interface, robust security features, and wide acceptance among retailers, MasterPass is poised to revolutionize the way we shop online. As more consumers and retailers embrace this technology, we can expect to see a decline in checkout abandonment rates and an increase in online sales.
Source: Toms Hardware
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