Mobile World Congress is truly a pace setter, so many things have been unveiled in the tech market; MasterCard was not left out as it announced MasterPass™ in-app payments.
This will enable consumers to make secure purchases within a mobile app. MasterPass in-app payments eliminate the need to store payment card credentials across numerous mobile apps, providing consumers with a fast and simple payment experience. Forbes Digital Commerce, Fat Zebra, MLB Advanced Media, NoQ, Starbucks Australia and Shaw Theatres Singapore are among the first app providers that will power their in-app purchasing capabilities with MasterPass.
According to ABI Research, overall revenues from mobile applications, including in-app purchases, will reach $46 billion by 2016, more than five times greater than the $8.5 billion earned in 2011. With the average global smart device user having downloaded 26 apps, consumers are storing payment card and other sensitive information with numerous app providers to set up accounts and make purchases.
MasterPass in-app payments extend the capabilities of the current browser-based MasterPass digital service into the mobile app environment, and provide consumers with one secure direct relationship with their bank.
Apps with MasterPass embedded in them enable consumers to complete a purchase with as few as one click or touch on their favorite connected device without leaving the app environment. The optimized checkout process creates a seamless shopping experience, supported by the highest levels of security and cryptology.
“MasterPass in-app payments is the latest offering from MasterCard to address the specific needs of the digital ecosystem. We’re creating great experiences for consumers across all channels and all devices, and enabling merchants to reach new consumers in ways not possible in the pre-digital world,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. “We’re also developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security.”
MasterPass in-app payments will be made available to developers and merchants beginning in Q2 of this year.