MasterPass Continues Global Expansion, Launches in France and Russia

MasterCard users from France and Russia are now able to manage payments using the financial institution’s digital wallet platform, MasterPass.

Over 16 countries worldwide currently have access to the electronic service.

MasterPass is the latest digital offering by MasterCard. Through the digital wallet, individuals can store their credit or debit card information and bypass lengthy payment processes. The platform is highly secure and safe, allowing users to shop without physically carrying their card around.

Javier Perez, President of MasterCard Europe, said, “More and more banks, PSPs and retailers across Europe are joining the MasterPass platform. The time is now to embrace the move to even safer ways to pay. As the only truly global digital platform, MasterPass brings the future of payments to shoppers today.”

MasterPass is also beneficial for businesses that are looking for new ways to enhance the buying experience. Reducing time spent checking out can lower dropout rates and shopping cart abandonment. Furthermore, statistics indicate that a smooth checkout experience is directly connected with returning customers.

“Faster, simplified and secure payment experiences, increased customer loyalty and reduced basket abandonment are some of the key differentiators,” Perez mentioned during a recent interview.

For now, MasterPass is the only platform of its kind, which could be the reason why MasterCard’s marketing campaigns have been increasingly aggressive. Analysts say that the company’s efforts will most likely continue as competitors begin to roll out their own version of the digital wallet.

The deployment of MasterPass has been effective since its launch in 2013 due to the formation of strong, local partnerships. The Spanish domestic network EURO 6000 in Spain and WorldPay in the UK has allowed the company to extend its services to over 30,000 retailers and merchants.