On Thursday, Mastercard unveiled enhancements to its digital payments service, Masterpass, making it easier to make mobile payments across a wider number of channels and devices. Masterpass was already available for online purchases that were made on phones, tablets, and other devices.
The company is now rolling out the ability to use Masterpass in stores that accept contactless payments. The enhanced functionality provides a true "omnichannel experience," claimed Mastercard Chief Innovation Officer Garry Lyons at a press conference. "Eventually you'll be able to use Masterpass on any device from your watch to your fridge," he said.
Lenders who have signed up as partners for the Masterpass-enabled features include Bank of America, Citi, Capital One, SunTrust Banks, and others. More than 80 million accounts will be enabled through the firm's issuing partners, according to Mastercard. In terms of security, the company has incorporated tokenization technology into its Masterpass wallet as well as bank identification and verification services.
Merchants who will deploy Masterpass over the next few months include JetBlue, Saks.com, Lord and Taylor.com, and The Cheesecake Factory. For example, customers who use The Cheesecake Factory's app, CakePay, will be able to use Masterpass when selecting an account to pay for their order. CakePay is "technology agnostic" and lets users link to Apple Pay and PayPal as well, said Douglas Benn, EVP and CFO at The Cheescake Factory.
"We want to make the experience as easy and frictionless for our customers as possible so we'll work with the companies that they want us to work with," Benn told 1to1 Media. Mastercard is also looking into enabling chatbots to accept MasterPass payments. For instance, a traveler buying a ticket for a JetBlue flight on Facebook Messenger may soon be able to type "Pay with Masterpass" and authenticate the purchase with a password or fingerprint.
The rollout of Masterpass-enabled solutions will begin in the U.S. later this month, followed by Europe, the Middle East, and Africa by the end of this year. In 2017, the solutions will be made available in Latin America and the Caribbean and Asia Pacific as well.