MasterCard Tuesday launched its digital wallet product for consumers in the United Kingdom. MasterPass enables consumers to have what it calls a frictionless and secure checkout experience through eliminating the need to share sensitive personal and financial details with every transaction.
In order to boost the profile of the wallet, MasterCard has joined forces with several of the United Kingdom’s leading retailers including, Argos, Boots, House of Fraser and The Hut Group. Sarah Jasper, commercial marketing director, The Hut Group, commented on the benefits of implementing the MasterPass solution:
“Across each of our retail sites we see innovation in checkout experience having a measurable impact on customer loyalty. MasterPass provides our customers with a faster, more convenient way to shop and helps us attract and retain new customers too.”
MasterCard believes MasterPass will help reduce checkout abandonment rates as e-commerce replaces high-street shopping experience. Checkout abandonment affected some 40 percent of all e-commerce transactions in the first quarter of 2013, resulting in a lost revenue of more than £6 ($9.2) billion for retailers, according to IMRG and Capgemini.
Though digital wallets are seemingly appearing everywhere, the financial and operational resources that MasterCard and Visa (V.me) can put behind their wallet products in the United States and worldwide will make them considerably difficult opposition for other payment players in the digital wallet space.
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