Eyeing mobile and eCommerce, MasterCard announces new roadmap for e-payments

By Telecom Lead Team: MasterCard has
announced a new roadmap providing users greater security and control in their
payment choices as payments will now include new devices and channels, such as
mobile and eCommerce.

The comprehensive roadmap will focus on
advancing the U.S. electronic payments system. The roadmap includes the path
for migration from magnetic stripe to EMV technology currently available on “chip” cards.

Users will have greater security and
control in their payment choices and the potential to seamlessly integrate
loyalty programs and offers into the purchasing experience.

“We’re moving toward a world beyond
plastic, where consumers will shop and pay in a way that best fits their needs
and lifestyles with a simple tap, click or touch in-store, online or on a
mobile device,” said Chris McWilton, president, U.S. Markets, MasterCard.

MasterCard’s roadmap represents a
transformational shift in the approach to payments and is not simply about EMV,
chip and PIN.

Elements of the MasterCard roadmap include:

EMV: Solidifying EMV as the foundation of
the next generation of payments

Focus on acquirer infrastructure: Working
with acquirers to ensure infrastructure readiness by April 2013

Encouraging greater security and cardholder
verification: Providing consumers with greater control and to reduce fraudulent

Provide benefits for merchant
terminalization: Providing true financial benefits for merchants as they
implement EMV-compatible terminals

Cover all channels: Addressing all touch
points where consumers will interact with MasterCard, including ATMs, the
physical point-of-sale, online and mobile commerce

Commitment to leadership and collaboration:
Fostering industry collaboration to deliver the next generation of payments
into the U.S. marketplace

As issuers evolve their offering and
merchants upgrade their terminals, the payments system will become more secure
as this dynamic data is introduced into the payment transaction. MasterCard’s
roadmap strongly encourages the adoption of the most secure technologies

“Consumers deserve a great experience any
time they use MasterCard products. As the industry invests in the upgrade to
EMV in the U.S., we now have the ability to enhance the consumer experience and
the security of a payment, regardless of the device – contactless card, mobile,
eCommerce and technologies still to come,” said Ed McLaughlin, chief emerging
payments officer, MasterCard.

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