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South Africa : MASTERPASS payment app introduced by Standard Bank

July 17, 2014

Standard Bank has collaborated with MasterCard to become the first company in the Middle East and Africa region to provide a virtual wallet called MasterPass.

Digital wallets accessible through the MasterPass acceptance network facilitate consumers to store all their MasterCard or other branded credit, debit or cheque card information, and shipping and billing address details safely in one place, through an App.

Consumers are then capable to make safe online payments with no hassle of entering these details every time they make a purchase.

Mark Hearne, at MasterCard, South Africa said, The world we shop in is constantly evolving and the ways we pay should keep pace. With a single click, tap or touch of the MasterPass button at checkout, consumers can access their preferred digital wallet and authenticate a payment with a secure PIN .

The free app is obtainable for download from the Apple, Android or BlackBerry app stores., (South African Airways) and entertainment ticketing site are among the first merchants to accept MasterPass as a payment method at checkout, with additional merchants going live soon.

The most recent MasterCardOnline Shopping Behaviour Study disclosed that 90% of South African consumers cited the availability of secure payment facilities as critical when shopping online. Concern around the safety of online transactions was the reason 42% gave for not shopping online.

Hearne said, Checkout happens with just a few clicks or taps whether at home, in a taxi, at work or at a supermarket, so merchants can look forward to fewer customers abandoning their shopping carts, which according to research affects over 67% of online purchases .

He added, Soon, any South African bank and their merchant partners can offer MasterPass, which can be branded and personalised, as long as they are equipped with the appropriate payment infrastructure .

South African MasterPass users can shop globally at the more than 40,000online merchants around the world that accept MasterPass, as long as their loaded payment cards fulfill with international standards. This applies to most South African cheque and credit cards.

MasterPass launched in 2013 is available in 9 countries counting the USA, UK, Canada, Australia, New Zealand, Italy, Singapore, China and Poland.

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Source: TendersInfo (India)

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