Tag - MasterCard
On Tuesday, Apple updated its partner page for Apple Pay, adding another 26 US banks and credit unions to a list that now extends to at least 1,240 financial institutions (not including two "loyalty card" issuers, BJ's Wholesale and Kohl's). Along with the new banks, a new prepaid "digital MasterCard" program has launched in the UK with Apple Pay support from a company called Wirecard, with the service known as "boon." Users will be able to transfer money into a prepaid account, and then use the digital card with merchants who support various virtual wallet technologies.
Apple Pay users with MasterCard-based credit cards will be able to travel across the London Underground at no charge on certain dates, as part of a new initiative. The "Fare Free Mondays" promotion will refund fares for the transportation network across the UK capital every Monday from today until December 14, but only for daily fares paid for with credit cards that use MasterCard via Apple's mobile payments platform.
To deliver secure digital payment options to millions of consumers, MasterCard today launched Digital Enablement Express. The new "Express" offering from MasterCard is aimed at other platforms than Apple Pay, and expedites the process of digitizing and tokenizing MasterCard accounts through the MasterCard Digital Enablement Service (MDES) -- which is part of the Apple Pay acceptance chain for the credit card company.
Mastercard and Major League Baseball have announced that the July 14 All-Star Game and the ongoing All-Star Fanfest, both taking place in Cincinnati, will accept Apple Pay for tickets, food, and merchandise at the two events. The Fanfest, which opened today and will run through to the day of the game, is being held at the Duke Energy Convention Center.
MasterCard is testing out an unusual method to verify the identity of a credit or debit card holder, by using photographs as an authentication method. The app is said to require the user to take a self portrait at the time of purchase in order to prove who they are, as MasterCard explores alternative ways for users to make mobile payments without having to provide a fingerprint or remember a PIN or password each time.
A research analyst with Keefe, Bruyette & Woods, Sanjay Sakhrani, has published what he claims are the terms financial institutions must agree to in order to join Apple Pay. Apple is said to be receiving 15 basis points per credit card transaction (which translates to 15 cents for every $100 spent), and half a penny per debit transaction. Banks must allow 95 percent of their cards to be used with Apple Pay, not necessarily including gift or ATM-only cards.
At a press event last week, MasterCard and Zwipe announced a new type of payment card dubbed the Zwipe MasterCard. Where the new card is different from the the standard credit or debit card is in the payment process, looking to biometrics to approve purchases. The Zwipe MasterCard uses authentication via fingerprint for MasterCard contactless payment terminals, while retaining Europay, MasterCard and Visa (EMV) chips on cards.
MasterCard and connectivity provider Syniverse today joined forces to deliver a number of mobile and payment services designed to enhance peace of mind for mobile users when traveling abroad. The two companies are currently testing a technology for an opt-in service that will enable card transactions for users only when they have their mobile device switched on in a specific geolocation, adjacent to the transaction location.
A British hacker has been found guilty for his part in a Distributed Denial of Service attack against payment services. Anonymous member Christopher Weatherhead, attacked MasterCard, Visa, and Paypal after they turned away from processing payments for Wikileaks, as well as music industry companies, in attacks costing those involved over $5.6 million.
Google Wallet has received some major updates today. The mobile payments platform has opened up to accept all credit and debit cards from American Express, Discover, MasterCard, and Visa, with financial data stored in the cloud instead of on the handset itself. Twenty five national US retailers have partnered with Google for the service, and through a partnership with MasterCard PayPass, mobile payments can be performed at over 200,000 retail locations across the country.