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Masterpass - Competitor Profile

Masterpass - Competitor Profile

Summary

Masterpass by Mastercard is a global payment service launched in 2013 as an extension of the PayPass wallet service. It allows users to store card details and billing addresses for faster checkout online. Once details are saved, it skips the process of entering card and shipping details for all future payments. It also allows users to make in-store payments via smartphones by scanning a QR code at partner merchant stores. Masterpass works on all web-enabled devices, including desktop computers, mobile phones, and tablets.

The payment solution was initially launched in Australia, Canada, the US, and the UK and later expanded across Europe, Asia, Africa, and the Middle East. It is supported by 340,000 online websites and apps globally, with more joining each month. As well as online payments, Masterpass also allows users to make QR code-based payments at merchants in select markets. Since Masterpass incurs no extra charges in addition to traditional interchange fees, merchants have a significant incentive to encourage usage of this solution.

Masterpass is supported by major payment schemes Mastercard, Visa, American Express, Diners Club, and Discover as well as major global banks. Users can add debit, credit, and prepaid cards to their Masterpass or connected wallet account.

Mastercard has collaborated with Visa, American Express, and Discover to launch a new interoperable one-click checkout solution named Click to Pay. As of July 2020, more than 10,000 merchants in the US offered Click to Pay. The new solution will gradually replace Masterpass, Visa Checkout, and Amex Express Checkout.

The report provides information and insights into Masterpass including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance
- The company's important events and milestones

Scope

- In February 2013, Mastercard introduced Masterpass.
- In July 2016, Mastercard launched contactless in-store payment service via Masterpass.
- In October 2019, Mastercard collaborated with Visa, American Express, and Discover to launch Click to Pay - an interoperable one-click checkout service - at select merchants in the US, with plans for wider availability over the coming years.
- In July 2020, Mastercard partnered with Nedbank and parking management solutions provider SKIDATA, enabling Masterpass users to scan parking tickets and make payments for parking their vehicle using Nedbank's "scan to park" technology.

Reasons to Buy

- Gain insights into Masterpass' business operations and key events.
- Gain insights into its product portfolio.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Single User License: Report will be emailed in PDF format and can be accessed by a specific user. This License type allows the report to be Printed.
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Masterpass - Competitor Profile
Published By :GlobalData
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