MasterCard announces new plans for mobile during MWC 2014

At the Mobile World Congress (MWC), unveilings of the latest and greatest smartphones and tablets are not the only announcements being made, as MasterCard is announcing its future plans for mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

MWC is the largest mobile tech convention in the world. The convention, held every February in Barcelona is where top manufacturers such as Samsung and Nokia announce their new flagship devices, but MasterCard is more interested on how users will spend money on these devices. MasterCard took to the stage to reveal the version of its mobile wallet MasterPass.

The new version of MasterCard’s wallet will now support in-app integration. Until now MasterPass support was web-based, meaning when a purchase was to be completed a sign-in was required through the mobile browser. Now app developers will have the option to integrate the payment method into the application. Setup and user configuration will be set through the main MasterPass app, meaning one-touch payments throughout multiple applications supporting the mobile payment method.

As mobile payments go, security is of utmost importance. MasterCard assures the MasterPass application and checkout process is "supported by the highest levels of security and cryptology" as well as optimized for each individual user depending on the device specifications and user preference.

To kick off the new integrated feature, MasterCard has partnered with MLB Advanced Media, Forbes Digital Commerce, and Starbucks Australia. These companies will be the first to integrate MasterPass into their mobile applications.

The updated version of MasterPass is not the only news MasterCard is releasing at MWC. MasterCard announced intentions to acquire Digital Wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term provider C-SAM. C-SAM powers commercial mobile payment channels, such as Isis. MasterCard intends to integrate C-SAM’s resources into its mobile and virtual offerings. As a result of the acquisition, MasterCard plans to boost deals with merchants, government agencies, and telecommunications giants.

MasterCard plans on completing the C-SAM acquisition by the end of the first quarter of 2014, and will be offering MasterPass integration to developers during Q2 2014.

Source