MasterCard Creates Apple Pay Competitor

The card brand is expanding its Masterpass digital payment platform so shoppers can use the service on their mobile device at the point of sale.

July 18, 2016

PURCHASE, N.Y. – MasterCard unveiled what it is calling “the foundation for the future of commerce with the new Masterpass global digital payment service.”

The card brand notes in a press release that the mobile payments solution allows consumers “to look no further than their own trusted bank or credit union 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 with contactless.”

MasterCard says it’s the first network to deliver an omni-channel, all-digital payment service for consumers, issuers and merchants. Masterpass is available at more than five million merchant locations in 77 countries that accept contactless payments; the contactless capability will first be available to Android device owners in the United States.

By layering services including tokenization with bank identification and verification of cardholders, Masterpass uses advanced security methods to protect consumers from fraud.

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