British consumers will be the first in Europe to experience MasterPassby MasterCard. Major high street and online brands, including, Argos, Boots and House of Fraser join thousands of retailers in the United States, Australia and Canada offering MasterPass to their consumers.
MBNA is confirmed as one of the first issuers on the MasterPass platform in the UK.
MasterPass is a digital service that allows consumers to use any payment card or enabled device to discover enhanced and secure shopping experiences with just a click, tap or touch – online, in-store or anywhere. It allows the consumer to safely store all their payment, store card, loyalty, shipping and billing address details in one place and gives them the ability to make a payment from wherever they are with whatever device they have. In addition to MasterCard cards, consumers can use other branded credit, debit, prepaid and private label cards.
MasterPass comes as eCommerce growth in the UK continues to outstrip retail sales. MasterCard Advisor’s SpendingPulse data shows total UK year-on-year eCommerce sales grew by more than 12% in May 2013, compared to just 3% growth in overall UK retail sales for the same month last year.
Marion King, President, UK and Ireland at MasterCard said: “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% 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.”
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