Mastercard Adds Retail Mobile Payments to Bank Apps
Android owners will soon be able to use their own mobile banking app — rather than Android Pay or Samsung Pay — to make tap-and-go payments in stores. Mastercard has expanded its Masterpass program to mobile devices so consumers can make contactless payments at various retailers. Mastercard first introduced Masterpass in 2014 to power in-app and online payments. Customer credit card data is stored in the cloud and tokenized for security, allowing people to make purchases with one click. Mastercard is extending Masterpass to its banking customers so those banks can add contactless payment capabilities to their own apps. Some of the first banks to support contactless payments include Bank of America, Capital One, Citi, Fifth Third Bank, KeyBank, People’s United Bank, and Virginia Credit Union. Mastercard says 17 banks in total plan to add mobile payments to their apps in the near future. (One glaring omission at launch is JPMorgan Chase, which has so far shunned Android Pay. Chase is working on its own mobile payment service that has yet to launch.) Contactless, Masterpass payments will be available at more than 5 million retail locations across 77 countries that accept contactless payments via NFC. In the U.S., BJ's Wholesale Club will be among the first to support the bank-based mobile payment tool, with JetBlue, Saks, Lord and Taylor, Subway, and The Cheesecake Factory to follow shortly. It will be up to the individual supporting banks, such as Citi, to add contactless payments to their mobile apps.
Microsoft Wallet Gains Tap-to-Pay Functionality
Microsoft today updated its Microsoft Wallet app and gave Lumia smartphone owners the ability to make mobile payments at supporting retailers. Windows Mobile has long included a Wallet app, but until today it was reserved for loyalty cards and other retail programs.
Google Launching Android Pay Today
Google said it is making Android Pay, its reborn mobile payment service, available to Android handsets beginning today. The app will be pushed to small batches of users over the next week, according to Google.
Several Banks Add Android Pay to Their Own Apps
Google has partnered with a small number of financial institutions in order to ease the process of signing up for Android Pay. Several banks, including Bank of America, Bank of New Zealand, Discover, mBank, and USAA, now let customers add debit/credit cards directly to Android Pay from within the mobile banking app.
More Banks Supporting Apple Pay
MasterCard today announced that 25 of its financial institution partners now support Apple Pay with their credit and/or debit cards. Some of the new banks allowing Apple Pay include Centennial Bank, GTE Financial, KeyBank, Meijer Credit Union, and US Bank.