Competitor Profile: Masterpass

Competitor Profile: Masterpass

  • January 2020 •
  • 17 pages •
  • Report ID: 5778583 •
  • Format: PDF
Competitor Profile: Masterpass

Summary
Masterpass by Mastercard is a global payment service launched in 2013 as an extension of the PayPass wallet service.It allows users to store card details and billing addresses for faster checkout online.

Once details are saved, it skips the process of entering card and shipping details for all future payments.It also allows users to make in-store payments via smartphones by scanning a QR code at partner merchant stores.

Masterpass works on all web-enabled devices, including desktop computers, mobile phones, and tablets.

The payment solution was initially launched in Australia, Canada, the US, and the UK and later expanded across Europe, Asia, Africa, and the Middle East.It is supported by 340,000 online websites and apps globally, with more joining each month.

In addition to online payments, Masterpass also allows users to make QR code-based payments at merchants stores in select markets. Since Masterpass incurs no extra charges in addition to traditional interchange fees, merchants have a significant incentive to encourage usage of this solution.

Masterpass is supported by major payment schemes Mastercard, Visa, American Express, Diners Club, and Discover as well as major global banks. Users can add debit, credit, and prepaid cards to their Masterpass or connected wallet account.

The report provides information and insights into Masterpass including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key competitors
- Information on its performance
- The company’s important events and milestones

Scope
- In February 2013, Masterpass was introduced by Mastercard.
- In July 2016, launched in-store payment service via Masterpass, enabling users to make contactless payments.
- In August 2016, launched Masterpass QR for QR-based online and in-store payments.
- In October 2019, Mastercard collaborated with Visa, American Express, and Discover to launch an interoperable one-click checkout service at select merchants in the US, with plans for wider availability by 2020.

Reasons to buy
- Gain insights into Masterpass’ business operations, and key events.
- Gain insights into its product portfolio.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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