MasterPass is an online service that helps users pay electronically with any bankcard or electronic money from one place.
All of a user’s personal data, bank card number, delivery location, and so on, only has to be entered into the once system: MasterPass compiles in one place all the data it needs to conduct an electronic transaction, and then payments can be made with a couple of clicks. The user just selects the card and presses the submit payment button. The security of payments is entirely covered by MasterCard.
Retailers can connect to the service for free: they just need to contact the company’s support center. After that, a link with “Buy with MasterPass” will appear on their website or in their smartphone application. Currently, more than 2,000 internet retailers in Ukraine support the service.
In addition, the company says it plans to launch an offline near field communication contactless payments service through the MasterPass application in 2017. The same service will start operating in the United States in 2016.
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