Mastercard, a tech company in the global payments industry has recently announced MasterPass In-App Payments, enabling consumers to make secure purchases within a mobile app. The new launch will extend the capabilities of the current browser-based MasterPass digital service into the mobile app environment, and provide consumers with one secure direct relationship with their bank.
In an another announcement, the company also revealed its agreement to acquire C-SAM, Inc., a leading provider of mobile wallet and on-device software and services. C-SAM is based out of the USA, with operations in Singapore, Japan and India. Terms of the agreement were not disclosed. The closing of the acquisition is subject to regulatory approval and is expected in the first quarter of this year.
MasterPass in-app payments will be made available to developers and merchants beginning in Q2 of this year. The service has been already successfully implemented at more than 30,000 MasterPass merchants to date in Australia, Canada, Italy, the United Kingdom and the United States. Also, the company is planning to launch the service in 14 more countries in 2014. Will India be also a part of it? We have written to the company officials to know more on this, however, the response is still awaited.
Ecommerce today is a billion dollar industry and along with it is growing the online payments industry. However, with mobile becoming the center of the digital universe, many are re-building out their models in a way to capture their audience through this versatile medium.
According to ABI Research, overall revenues from mobile applications, including in-app purchases, will reach $46 billion by 2016, more than five times greater than the $8.5 billion earned in 2011. Also, the results have shown that with the average global smart device user having downloaded 26 apps, consumers are storing payment card and other sensitive information with numerous app providers to set up accounts and make purchases.
Apps with MasterPass embedded in them enable consumers to complete a purchase with as few as one click or touch on their connected device without leaving the app environment. Also, as claimed by the company, the checkout process will be supported by the highest levels of security and cryptology.
Forbes Digital Commerce, Fat Zebra, MLB Advanced Media, NoQ, Starbucks Australia and Shaw Theatres Singapore are among the first app providers that will power their in-app purchasing capabilities with MasterPass.
“We’re creating great experiences for consumers across all channels and all devices, and enabling merchants to reach new consumers in ways not possible in the pre-digital world. We’re also developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security.”said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard.
At present, the payments industry in India is being dominated by players like PayUMoney, CCAvenue, EMVANTAGE and more. However, many of them have already expanding their portfolio of services in order to meet the demands of start-ups and next generation Ecommerce. Recently, CCAvenue revamped its website to accept payments in 27 currencies as well as to provide SaaS services to its customers.
Image via Mastercard
To contact the author, email at email@example.comCategory Business Investments