Payment technology

MasterPass digital payments technology goes live in South Africa

MasterpassMasterCard announced on Tuesday the launch of its MasterPass service in South Africa, which will be the 10th country to gain access to the company’s digital wallet technology.

Standard Bank will be the first local bank to offer a digital wallet powered by MasterPass—the app will be available for download for Apple, Android and Blackberry devices. Takealot.com and South African Airways will be among the first merchants to accept MasterPass payments.

“Standard Bank is excited to be pushing the frontiers of the payments technology landscape, in partnership with MasterCard, and enabling not only South African cardholders but also our merchant partners to provide slicker payment options to the market,” Chris Sweeney, the group head of cards for Standard BankGroup, said. “In so doing, we hope to further galvanize the rapid rise we have seen in e-commerce in South Africa recently, and create the platform for future growth in the payments industry.”

According to the latest study of shopping behavior in South Africa, 90 percent of the country’s consumers noted the importance of secure payments when shopping online. MasterPass said its technology reduces the risk that consumers’ personal information will be visible over potentially unsecure networks.

“Soon, any South African bank and their merchant partners can offer MasterPass, which can be branded and personalised, as long as they are equipped with the appropriate payment infrastructure,” Mark Hearne, the head of business development in MasterCard’s South Africa division, said. “This means that MasterPass can be tailored for online payments and in-store purchases in a manner that builds brand familiarity, affinity and loyalty.”

Launched last year, MasterPass is currently available in nine other countries—the U.S., U.K., Canada, Australia, New Zealand, Italy, Singapore, China and Poland.

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