If you have an ecommerce web site you might hear about MasterCard's MasterPass system. So what is it and how could it help you?
It's called MasterPass, and is MasterCard's digital wallet service. It has now gained the support of 16 leading payment service providers.
MasterPass lets customers store their payment and shipping information online to simplify the checkout process when shopping online. Consumers are not charged for the service, and it works with credit, debit and reloadable cards from American Express, Diner's Club, MasterCard and Visa, as well as Discover and Maestro for overseas buyers. MasterPass also makes provision for loyalty and rewards cards.
Once a customer has set up a MasterPass account, they click the Buy With MasterPass button at the checkout, unlock the account, select from the pre-stored payment and shipping options, and confirm the purchase. This saves entering the details each time a purchase is made, or having to trust the individual business or payment processor to store the information securely.
MasterPass is designed to work with all major browsers, including those provided with Android and iOS, as well as in-store POS systems.
Importantly, it is not tied to any particular card provider or hardware or software vendor.
The benefits for merchants are said to include a reduction in the number of abandoned online shopping carts.
"We are integrating MasterPass because we believe it will help improve the current checkout flow and improve conversions by providing convenience, speed and security," said Sinan Kaya, the owner of shopping cart software provider aShop.com.au
The Australian service providers that have announced support for MasterPass are Advam, ANZ, Ashop, BuyReply, Card Access Services, Commonwealth Bank, Ctel, EstarOnline, eWAY, IP Payments, Merchant Warrior, NAB, NoQ, Paycorp, Payment Express and Powerfront.