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Nordea, SEB and Swedbank support launch of MasterPass in Sweden

Friday 20 December 2013 | 11:57 AM CET

Nordic financial services providers Nordea, SEB and Swedbank have revealed plans to launch digital wallets enabled by MasterPass, the digital platform from MasterCard.

Built on MasterPass technology and functionality, the banks will offer their own digital wallets to their customers, giving them a global solution for shopping online on any connected device. MasterPass allows online purchases made from connected devices including PCs, tablets and smartphones.

MasterPass eliminates the need for consumers to enter detailed shipping and card information to complete their online purchases at MasterPass merchant sites that have the ‘Buy with MasterPass’ button on their check out page as MasterPass automatically inserts name, address and card information at every purchase. Consumers can store MasterCard and other branded credit, debit and prepaid card information and more in their MasterPass digital wallet.

In Sweden, MasterPass users will login to their digital wallet using Mobile BankID for and shopping online. Besides Nordea, SEB and Swedbank confirmed as issuers of the MasterPass digital wallet, the Swedish payment service provider Paynova is also confirmed for deployment of the “Buy with MasterPass” button. This means all e-merchants using Paynova’s services can offer the MasterPass checkout button on their websites. 

This solution, which is initially being deployed for e-commerce, will at a second stage enable merchants to offer their customers to pay in store with MasterPass and encourage payment experiences using new technologies such as NFC and QR code.

MasterPass will be launched in Sweden during 2014.

In recent news, MasterPass, MasterCard’s digital payment platform, has launched in Italy, to offer consumers a new way to shop online.

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