Standard Bank has unveiled MasterPass - a new digital wallet application allowing users to make payments online.
The free app is available for download from the Apple, Android or BlackBerry app stores.
MasterPass facilitates digital wallet access through its acceptance network, allowing consumers to store all their MasterCard or other branded credit, debit or cheque card information, and shipping and billing address details securely in one place.
This gives users the ability to make secure online payments without the repeated hassle of entering these details each time, says Standard Bank.
Mark Hearne, head of business development at MasterCard SA, notes the intervention comes as a response to the evolving nature of how people shop. "With a single click, tap or touch of the MasterPass button at checkout, consumers can access their preferred digital wallet and authenticate a payment with a secure PIN," he says.
"South Africans are the first in the Middle East and Africa region to be introduced to MasterPass, which was launched internationally last year."
Takealot.com, Flysaa.com (South African Airways) and entertainment ticketing site Plankton.mobi are among the first merchants to accept MasterPass as a payment method at checkout, with additional merchants going live soon, according to MasterCard.
Looking ahead
The company adds that as MasterPass evolves, it will enable in-app and in-store purchases, based on the shopping experiences a merchant wants to make available to its customers.
MasterPass also accepts selected PIN-based debit cards such as Maestro, enabling millions of South Africans to make secure online purchases using their PIN-based debit cards.
Chris Sweeney, group head of cards for Standard Bank, says the bank is "excited to be pushing the frontiers of the payments technology landscape, in partnership with MasterCard, and enabling not only South African cardholders but also our merchant partners to provide slicker payment options to the market.
"In so doing, we hope to further galvanise the rapid rise we have seen in e-commerce in South Africa recently, and create the platform for future growth in the payments industry."
According to the MasterCard Online Shopping Behaviour Study, 90% of South African consumers cited the availability of secure payment facilities as critical when shopping online. Concern around the safety of online transactions was the reason 42% gave for not shopping online, a 4% increase from last year.
By selecting "Buy with MasterPass" as the payment option at checkout, consumers reduce the risk of exposing their personal information over potentially unsafe networks, assuring them of a safe and secure transaction.
According to MasterCard, MasterPass gives retailers a more secure, faster and easier way to checkout their customers.
"Checkout happens with just a few clicks or taps whether at home, in a taxi, at work or at a supermarket, so merchants can look forward to fewer customers abandoning their shopping carts, which according to research affects over 67%of online purchases," adds Hearne.
Global experience
"Soon, any South African bank and their merchant partners can offer MasterPass, which can be branded and personalised, as long as they are equipped with the appropriate payment infrastructure," he adds.
"This means MasterPass can be tailored for online payments and in-store purchases in a manner that builds brand familiarity, affinity and loyalty."
South African MasterPass users can shop internationally at the over 40 000 online merchants around the world that accept MasterPass, as long as their loaded payment cards comply with international standards. This applies to most South African cheque and credit cards.
"As consumers become more accustomed to online shopping and the benefits of electronic payments, they want simpler and more secure shopping experiences and payment solutions," says Hearne.
"The convergence of technology and digital payments in MasterPass turns any connected device, at any location, into a payment device."
MasterPass is available in nine other countries including the USA, UK, Canada, Australia, New Zealand, Italy, Singapore, China and Poland.
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