Mastercard in contactless payment technology partnership

| August 28, 2012 | 0 Comments
Mastercard in contactless payment technology partnership

Mastercard has entered into a partnership with mobile network provider Everything Everywhere which is designed to boost the uptake of contactless payment technology in the OK.

Under the five-year deal, MasterCard customers will be offered a range of new payment technologies, including a near field communication (NFC) service allowing them to make payments simply with a swipe of their phone.

The service will be available at more than 100,000 retailers, although the launch date has not yet been revealed.

Other new services are expected to include person-to-person money transfers similar to Barclays’ Pingit service, and loyalty rewards similar to those offered under O2’s Priority scheme.

A digital payment service similar to PayPal will also be developed as part of the partnership, which extends an existing relationship between Mastercard and Everything Everywhere’s Orange brand.

Gerry McQuade, chief marketing officer at Everything Everywhere, said: “By moving our existing co-branded card offers onto mobile devices, we are closer to a world where our customers will be able to use their phone to pay for travel to work, pay for small purchases and take advantage of loyalty rewards from their favourite retail outlets.”

Marion King, president of MasterCard UK & Ireland, said “Our vision is of a world beyond cash and the phone is a key tool to driving this step-change.”

Contactless payment is becoming more popular in the UK and recent research by Barclaycard suggests that the symbol for contactless payments is now recognised by 84 per cent of British people.

Barclaycard customers make a million contactless payments each month and more retailers across a wider range of markets are making the terminals available in their branches.

Customers making contactless transactions are protected against fraud in the same way as they are when making other card payments.

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