Mobile wallet payment technology continues to take the shopping world by storm, and MasterPass by MasterCard earned a big victory with the recent announcement that Saks Fifth Avenue and Poshmark are now accepting the financial institution’s digital payment solution.
What’s more, North American Bancard (NAB) will offer the platform to customers starting later this calendar year.
Since launching in 2013, the MasterPass digital platform has grown to serve 270,000 merchants in 29 countries. To join the program, MasterCard customers need only to sign up through the MasterPass website or by visiting a participating bank.
“MasterPass continues to gain acceptance momentum across merchants in all categories, whether through direct relationships like we have with Saks Fifth Avenue, or through key partners like NAB Velocity,” said Michael Cyr, group executive, U.S. Market Development, MasterCard. “With increased acceptance of MasterPass, more consumers can go online, place their order and pay with just a couple of clicks. The burden of entering delivery and billing information is eliminated, further enhancing the shopping experience.”
Convenience is a huge factor in a customer’s purchasing decision process, and MasterPass offers the kind of seamless process that shoppers crave. The system securely stores payment and shipping information, allowing consumers a “one-click” experience, a la Amazon’s revolutionary purchasing feature.
The platform is stored cross-platform, allowing customers to purchase via their preferred channel, whether that’s a home computer, laptop, or mobile device.
“The Saks Fifth Avenue customer experience is extremely important to us, whether in our stores or online,” said Dion Rooney, EVP, HBC Digital. “MasterPass is an integral component of providing our customers with seamless and secure shopping at Saks.com.”
MasterCard is one of the largest payment networks in the world, serving more than 210 countries and territories around the world. The company’s evolution into the new era of consumer technologies has helped it develop payment options for a tech-savvy, digitally connected generation.