MasterCard bridges gap in digital payment via Masterpass QR

Global card and digital payment giant, MasterCard, has launched yet another innovation that integrates various payment platforms in a safe and secure way for consumers, merchants and service providers.

The innovation dubbed Masterpass QR, a global digital payment service that enables consumers to obtain from their bank or telecoms service provider a service to make fast, simple and secure digital payments across devices and channels anywhere they want to shop, be it online, in-app, and now in-store.

Masterpass is designed to allow payment for goods and services with bank cards, mobile money, bank account and any other payment source of the consumer’s choice.

The convenience of Masterpass is that it stores all payment information, including card details from both MasterCard and other payment networks.

It also stores shipping information, and payment preferences in one convenient, secure place, such that the consumer can access any of his her preferred payment platform all on one card.

Lead of MasterCard for the Middle East and Africa, Guarang Shah, told Adom News at the ongoing Mobile World Congress that Masterpass QR is integrated into issuing bank’s or telecom operator’s mobile banking platforms or funded by consumer’s bank account.

He said the bank or telcos would then issue merchants with QR codes for free, which would be displayed at the merchants shop for shoppers/consumers using smartphones to just scan to make a payment, while those with feature phone enter a merchant identifier into their phones to pay.

“Consumers then enter the amount of the transaction and their PIN to complete the transaction and the money goes directly into the merchant’s bank account, mobile money wallet or a card issued by the bank,” Guarang added.

Financial inclusion

Guarang said while Masterpass offers the consumer safety, convenience, speed and global access to make digital payment anywhere, it also saves the merchant the high cost of an acquiring point of sale (POS) devices for various cards and payment platforms.

He said the integration if various payment platform was in recognition of the fact that not everyone has a back account but everyone deserves the opportunity for convenience and safety when making payment.

“This innovation ensures financial inclusion because it brings mobile money wallet holders onboard one global payment platform – it also bridges the interoperability gap because the system is designed to allow payment via other cards outside of MasterCard going forward,” he said.

When the other payment cards come on stream, it will make MasterCard the first and only network to have delivered an omni-channel for digital payments for consumers, issuer (banks and telcos) and merchants.

To ensure the highest level of security, Guarang Shah said Masterpass leverages the most advanced methods of payment security available today to ensure real card details are protected.

Uptake

Masterpass has already been launched in Pakistan, and in Ecobank in Nigeria and Ghana and in also in seven countries in just seven months.

“Ecobank has currently signed a contract to extend the service to all of its 33 markets in Africa and UBA ( United Bank of Africa) has also expressed interest in extending it to thousands of merchants across Africa,” he said.

Its main uses currently include uses at cinemas, online shopping for bills payments, airtime top-up, for fuel purchase, payment of taxi fare and restaurants among others.

Guarang believes Masterpass is a Pan-African innovation that will facilitate financial inclusion is a very big way because it does mot matter what kind of account one holds, the services allow payment with that account.

At Mobile World Congress, MasterCard is showcasing the various uses of Masterpass, which included the opportunity to purchase air tickets on Facebook Messenger with the use of a payment platform of the consumer’s choice, provided the platform is on Masterpass.

Guarang said Mobile World Congress has whipped up interest in Masterpass as representatives of several banks, telecom service providers and digital payment operators have shown keen interest in the innovation.

Source: Jataba.com

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