KeyBank customers can now checkout with Masterpass

Under the terms of the agreement, KeyBanks clients will have access to digital payments across devices of their choosing either online, in app or in-store.

Masterpass is already used to simplify the checkout experience across a wide array of retailers. By using Masterpass, clients can checkout online or in-app by clicking the Masterpass button and authenticating to complete the transaction. They can make in-store payments simply by tapping at contactless-enabled merchants.

Masterpass stores all payment information, including card details from both MasterCard and other payment networks, shipping information, and payment preferences in one convenient, secure place (due to tokenization, which ensures information is protected).

According to KeyBank, their clients are making more use of mobile payments than ever before. Year over year, KeyBank has seen double digit growth in client mobile payments. On average, KeyBank clients are signing on and making transactions with their mobile devices three times as frequently as they had done over the past 18 months.

Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 ATMs.

KeyBank is a part of Keycorp, a bank-based financial services companies with assets of approximately USD 101 billion as of June 30, 2016. The acquisition of First Niagara Financial Group, which became effective on August 1, 2016, is expected to add assets of approximately USD 40 billion, based on June 30, 2016 balances. Key also provides a broad range of corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the US under the KeyBanc Capital Markets trade name.

In latest moves, KeyBank has also announced that is expanding client access to mobile payments with the addition of Android Pay.