Standard Bank unveils new virtual wallet

Standard Bank has teamed up with MasterCard to become the first company in the Middle East and Africa region to offer a virtual wallet called MasterPass.

Digital wallets accessible through the MasterPass acceptance network enable consumers to store all their MasterCard or other branded credit, debit or cheque card information, and shipping and billing address details securely in one place, through an App.

Consumers are then able to make secure online payments without the hassle of entering these details each time they make a purchase.

“The world we shop in is constantly evolving and the ways we pay should keep pace. With a single click, tap or touch of the MasterPass button at checkout, consumers can access their preferred digital wallet and authenticate a payment with a secure PIN,” said Mark Hearne, at MasterCard, South Africa.

The free app is available for download from the Apple, Android or BlackBerry app stores., (South African Airways) and entertainment ticketing site are among the first merchants to accept MasterPass as a payment method at checkout, with additional merchants going live soon.

MasterPass on screen

The latest MasterCardOnline Shopping Behaviour Study revealed that 90% of South African consumers cited the availability of secure payment facilities as critical when shopping online. Concern around the safety of online transactions was the reason 42% gave for not shopping online.

“Checkout happens with just a few clicks or taps whether at home, in a taxi, at work or at a supermarket, so merchants can look forward to fewer customers abandoning their shopping carts, which according to research affects over 67% of online purchases,” Hearne said.

“Soon, any South African bank and their merchant partners can offer MasterPass, which can be branded and personalised, as long as they are equipped with the appropriate payment infrastructure,” he added.

South African MasterPass users can shop internationally at the over 40,000online merchants around the world that accept MasterPass, as long as their loaded payment cards comply with international standards. This applies to most South African cheque and credit cards.

Launched in 2013, MasterPass is available in nine countries including the USA, UK, Canada, Australia, New Zealand, Italy, Singapore, China and Poland.

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Standard Bank unveils new virtual wallet