Masterpass by Mastercard digital wallet now available in the UK
Mastercard's PayPal-rivalling online digital wallet has now reached the UK. Masterpass allows you pay for online and in-store items using just one click of a button or tap of a screen, with all your card details, shipping and billing address stored in secure system.
As well as PayPal, Masterpass is taking on V.me, Visa's similar service which is to go live in the UK at the end of the year. Now Mastercard has beaten its major rival to the punch, ensuring that the European launch of Masterpass has started on these shores.
As well as your Mastercard details, you can store and pay with all other bank debit and credit cards, including those from rival companies. You choose which you would like to pay with and the software does the rest.
Boots, Argos, House of Fraser, The Hut Group and MBNA have all partnered with Mastercard in order to accept Masterpass payments in the UK, while the service will expand to include Europe, Latin America, Asia and the Middle East throughout 2013.
It is already available in the US, Canada and Australia.
"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."
You can find out more and sign up for a Masterpass account at masterpass.com.