MasterCard launched mobile wallet in UK

MasterCard has launched its MasterPass wallet service in United Kingdom, for the first time in a European country.

The service had already been launched in the United States, Canada, and Australia, but the consumers in Europe were yet to experience it.

MasterPass, which can be used online, in-store or elsewhere, enables the consumers to store all their payment, loyalty, store card, shipping and billing address details in one place.

The consumers can access the wallet of their choice and authenticate a transaction by clicking on a Masterpass button and entering a registered password for checkout. The credit card details aren’t needed to be entered to finish the transaction.

MasterCard said that the consumers can also add other branded credit, debit, prepaid and private label cards to their wallet.

Initially, the service is available with UK retailers Prezzy Box and The Hut Group but it will be available on website next week and House of Fraser in the next month. The retailers do not pay for the service and instead card payment provider pays fee to MasterCard.

In the physical stores, the MasterPass checkout service works with both physical cards and mobiles. In case of devices, the payments are made via Near Field Communication (NFC) and QR codes, MasterCard said.

The MasterPass linked wallets provide retailers, banks, and other partners with their own branded MasterPass wallets. Alternatively, the existing wallets can also be connected to the MasterPass acceptance network.

The MasterCard is planning to launch the MasterPass wallet across Europe, Latin America, Asia and the Middle East by 2014.

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