MasterCard announced on Monday the introduction of MasterPass in-app payment capabilities, which will allow consumers to make in-app mobile purchases without the need to enter payment card details into numerous apps.
“MasterPass in-app payments is the latest offering from MasterCard to address the specific needs of the digital ecosystem,” MasterCard Chief Emerging Payments Officer Ed McLaughlin said. “We’re creating great experiences for consumers across all channels and all devices, and enabling merchants to reach new consumers in ways not possible in the pre-digital world. We’re also developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security.”
Forbes Digital Commerce, Fat Zebra, MLB Advanced Media, NoQ, Starbucks Australia and Shaw Theatres Singapore will be among the first app providers to power the in-app capabilities.
“We’re excited to begin offering MasterPass to our customers as an innovative digital payment solution,” Forbes Digital Commerce Chairman and CEO Robert Tibbs said. “This fully aligns with our philosophy to make in-app commerce as easy and efficient as possible.”
Recent research conducted by ABI predicted overall revenues from mobile apps, including in-app purchases, will increase five-fold to reach $46 billion in 2016.