Masterpass by Mastercard digital wallet hits the UK

Only certain retailers are accepting it at launch, but the Masterpass by Mastercard digital wallet could be big news as the months pass.

It's more payment by mobile, with the service allowing you to pay for online and in-store items with just a single click of a button. All of your card, shipping and billing details being stored in the secure system for convenience. As well as keeping your Mastercard details, you can also pay with all other bank debit and credit cards, including those from rival companies. Just choose the payment source and press that button. Simple.

Boots, Argos, House of Fraser, The Hut Group and MBNA have all partnered with Mastercard for the initial launch in the UK, with the service eventually rolling out across mainland Europe, Latin America, Asia and the Middle East throughout 2013. The US, Canada and Australia already has it (should you be planning a trip over there).

'For retailers, Masterpass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments,' said Marion King, president of Mastercard UK and Ireland.

'Masterpass can help retailers reduce checkout abandonment rates, which affected 37 per cent of all online transactions in the first quarter of 2013, equating to more than £6 billion in much needed revenue per year according to IMRG and Capgemini. UK consumers spend more than £62 billion a year online.'

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Source: Pocket Lint

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