MasterCard brings new MasterPass digital wallet service to UK

MasterCard's MasterPass digital wallet service is now rolling out to UK retailers.

The service is designed to make it easier for consumers to make online payments, as well as help companies attract more sales.

With MasterPass, customers can keep appropriate information like card details and shipping and billing addresses in one place and pay for goods simply by choosing the 'Buy With MasterPass' option on the websites of participating stores and verifying the payment details.

"For retailers, MasterPass provides a faster, easier way to check out their customers, and increase sales without significantly changing the way they currently process payments," said Marion King, President of MasterCard UK and Ireland.

MasterCard hopes to capitalise on the rise of online shopping with the launch of the service, which has already spread across the US, Australia and Canada.

According to the firm, total UK eCommerce sales grew by more than 12 per cent year-on-year in March 2013, compared with a three per cent growth in overall UK retail sales for the same month last year.

The service is not restricted to computers either, as it has been optimised for use on tablets and smartphones. It also supports two-factor authentication for an extra layer of security.

"MasterCard can help retailers reduce checkout abandonment rates, which affected 37 percent of all online transactions in the first quarter of 2013, equating to more than £6 billion in much needed revenue per year according to IMRG and Capgemini," continued King.

Starting today, the online payment system is making its way to UK retailers like Argos, Boots, House of Fraser and others.

MasterPass will next head to the rest of Europe, as well as Asia and South America.

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