PARIS | Sparda bank in Germany will be one of the first banks in Germany to make the MasterPass wallet available to its 700,000 customers. Worldline and MasterCard have been working on a technical platform enabling banks like Sparda and other financial institutions to launch their MasterPass powered digital wallets. MasterPass, MasterCard's brand for its digital wallet service, is to simplify payment checkout on any internet-connected device.
The MasterPass wallet basically aims to replace the version of our everyday purse full of credit, debit and loyalty cards and transaction receipts. Upon online checkout, shoppers are able to 'grap' their MasterPass wallet by clicking the MasterPass button, and open it by using username and password (similar to PayPal checkout). They then simply click to choose one of their pre-registered cards (debit or credit), select their shipping address and checkout.
MasterPass to reduce cart abandonment
Online retailers have noticed that many consumers are scared off when faced with the registration process. They simply abandon their purchase if they perceive the need to enter payment and delivery details as being overly complicated. Many consumers then instead return to online retailers where they already have an account. Registration processes and payment conditions have thus become crucial criteria for converting shoppers into buyers.
The MasterPass wallet aims to provide a frictionless payment experience and to reduce cart abandonment. MasterPass does not require the shopper to enter card numbers, expiry dates, CVC2 security codes or 3D secure passwords, nor do shoppers need to enter shipping address details for delivery. By enhancing the consumer experience (increasing speed and convenience) MasterPass creates the opportunity for online and app merchants to increase conversion rates.
'Simpler, yet more secure'
"Modern customers are demanding payment options that are simpler, yet more secure at the same time", explains Pawel Rychlinski, General Manager at MasterCard Germany and Division President for Germany & Switzerland. "We're very pleased that the Sparda banks will be offering this innovative solution for their customers on the German market."
Worldline MasterCard partnership
MasterCard and Worldline announced their partnership on the deployment of MasterPass in Germany back in October 2013. Worldline (as subsidiary of Atos), with over 40 years of payment experience and with operations in over 17 countries, claims to be the leading german issuing processor and number one commercial acquirer in the Benelux. With Worldline's issuing, acquiring and processing footprint across Europe, MasterCard has found a truly strategic partner and is able to gear up the European enrolment of MasterPass. MasterCard recently announced that later this year other European markets will embrace MasterPass, including Sweden and the Netherlands.