MasterCard Launches the Future of Digital Payments in Canada

Posted by Techvibes NewsDesk

MasterCard Canada today announced the launch of MasterPass, which it has boldly dubbed "the future of digital payments." In a rare occurrence, the service has launched in Canada before the US.

MasterPass enables a secure and fast check out regardless of where consumers may be and what device they may be using; it stores credit card information and shipping information in a cloud. Consumers will also benefit from real-time alerts, account balances, and loyalty programs.

As of launch, merchants such as Porter Airlines, WagJag, and Jaunt.ca have enabled MasterPass checkout services on their e-commerce websites. MasterCard says it plans to expand the number of MasterPass enabled merchants in Canada to 800 merchants by the end of 2013 and 2,800 merchants by the end of 2014. 

In Canada, e-commerce is growing at a much faster pace than retail sales. MasterCard Advisor’s SpendingPulse data shows total Canadian year-over-year online sales grew 26.6% over the past six months ending in February 2013, compared to just 2.9% growth in overall Canadian retail sales during the same time period.

“Canadians are early adopters when it comes to digital payments and embracing new technologies; that’s why Canada is the first market in North America where we’re launching MasterPass,” says Jason Davies, Vice President of E-commerce at MasterCard Canada. “With e-commerce growing by double digits, more and more Canadians want a secure, seamless and simple payment experience. MasterPass delivers this to consumers no matter if they are shopping on their laptops, tablets or mobile phones.”

MasterPass also allows banks, merchants and partners to offer their own wallets, and it can be implemented with a retailers’ existing check out flow so the burden of integrating mobile and online payments for businesses is simplified. BMO is the first to create its own wallet, the BMO Wallet.

“With more consumers looking to digital solutions to make their day to day purchases, MasterPass is a logical evolution and fits into BMO’s strategic direction for payments solutions,” says David Heatherly, Head, North American Payments, BMO Bank of Montreal. “The launch of the BMO Wallet will allow us to provide a simple, seamless and consistent mobile payment experience across all digital channels, including computer, tablet and mobile-based transactions, while providing the same security features our customers have come to expect.”

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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more




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