MasterCard is lending its mobile payment tech to banks
The company has a new logo to go along with its focus on mobile payments.
MasterCard is hoping to make in-store mobile payments -- the ability to wave your phone at a terminal to buy something -- more accessible. The company is teaming up with several banks, including Citi and Bank of America, to let customers pay for stuff using bank apps on their phones. Meaning, you won't have to download a dedicated app.
This will be enabled through MasterCard's Masterpass service, which is already available for in-app and online purchases, but now can be used in-stores. Consumers will be able to use it at over 5 million in-store locations in 77 countries. However, the feature will only be on Android phones that have built-in NFC chips. iPhone users will be left out because Apple doesn't permit other companies to use its chip, which already powers a similar service in Apple Pay.
Tech giants like Google helped introduce the concept of mobile payments to the US a few years ago, and last year they accounted for $8.7 billion in sales. This will more than triple in 2016, according to leading media and commerce researcher eMarketer.
Mastercard believes that the ability to provide more information, like balances and rental car coverage, will give Masterpass a slight advantage over more established services like Android Pay. The company has also introduced a new logo to kickstart its shift towards mobile payments.
The rollout will start this month in the US, followed by Europe, Africa, and the Middle East later this year, and other areas in 2017.
