Digital wallets, contactless cards, EFTPOS and online shopping are all pretty annoying when you think about it. In that list alone, you have four different ways you need to interact with stuff to hand money over from one party to another. Mastercard wants to take the hassle out of paying for stuff, and has announced what it's calling "Masterpass", and the first market set to test it out is Australia. Yipee!
So what is Masterpass?
Masterpass is Mastercard's attempt to unite all the different payment methods under the one umbrella for the payer. NFC payments, QR code payments and card-based payments will all be combined in the Masterpass app to make paying for things simple.
For example, when you want to shop online, you log-in using your Masterpass account and because it already securely stores your card and shipping information, buying something with one-click is apparently meant to just be one-click and not ten. 5900 merchants are to support Masterpass online as it launches.
Paying for stuff at checkouts is also going to be supported by Masterpass, with several big partners already signing on to support the new digital wallet. Westpac, Commonwealth Bank, NAB, ME Bank, JB Hi-Fi, AHL, Harvey Norman, Roses Only, Merchant Warrior and Paycorp will all support Masterpass at the checkout when it launches.
You'll also get special offers from Masterpass to reward your loyalty.
Masterpass is set to hit Australia in March.