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What does Apple Pay mean for MasterCard?

Apple and MasterCard- the ultimate team

The payments industry is still buzzing after the launch of Apple Pay on Tuesday. The new iPhone 6, iPhone 6 Plus and the Apple Watch will include a NFC-based payment system that will let consumers shop in stores and online; all customers will have to do is simply touch to pay and authenticate with their fingerprint for a seamless experience. But what does Apple Pay mean for MasterCard?

Essentially, it’s all good news for MasterCard, who have worked closely with Apple to develop a simple, safe and secure payment platform. MasterCard have for years been the pioneers in mobile payment innovation, in fact they were responsible for the launch of the world’s first contactless and mobile payment solutions. Teaming up with Apple to develop the ultimate mobile wallet, seems like the next logical step in MasterCard’s plan to rid the world of cash.

In an interview with Bloomberg, Ed McLoughlin, MasterCard’s Chief Emerging Payments Officer, explained: “Our whole goal at MasterCard is to make sure that not only do we make the physical transaction safe that you do with your card, but that we can make the digital transactions even more secure, and that’s what we’re doing today with Apple Pay…Anything that makes it easier for consumers to pay electronically benefits the whole system and MasterCard itself.”

Security and privacy remains one of the consumer’s main concerns when it comes to mobile commerce. However McLoughlin claims that MasterCard customers have no need to worry as “every purchase is secure and offers all the same guarantees and benefits they’ve come to expect from using their MasterCard.” Apple Pay will use the iPhone’s Touch ID to verify users and will add another layer of security by using a dynamic security code. Apple CEO Tim Cook said on Tuesday, “It’s so easy to lose your card, or have it compromised, it’s no wonder that people have dreamed of replacing these for years.”

The payment ecosystem is difficult to truly transform, however Apple’s partnership with MasterCard and the other major players in the industry, is certainly a step in the right direction to a world beyond cash and a world where all of your digital connected devices can be used for commerce.

Make sure to join MasterCard at Cards and Payments Middle East in May 2015. Visit the website here.

 

Image: photo.bugz – Flikr

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