MasterCard Expands Masterpass to Include In-Store Payments

MasterCard Inc. said it is expanding its Masterpass digital payment platform to let shoppers use the service on their mobile phones at store check-out terminals, creating another rival to Apple Inc.'s Apple Pay and a growing number of other mobile-payment products.

MasterCard also said it is launching a new campaign to modernize its brand, including the use of a lowercase "c" in the company logo.

As part of the mobile expansion, MasterCard is partnering with merchants and financial institutions so they can use Masterpass as the technology backbone to offer mobile-payment products to their customers.

"With billions of cardholders across the globe, we are working with our issuers and merchants to ensure that we're delivering digital payments that support consumer expectations for a familiar and secure payment experience," said Craig Vosburg, MasterCard's president for North America.

The move is the latest in a string of products, such as Apple Pay, that let customers load credit-and-debit card information into their mobile phones to pay for purchases in stores with their devices instead of using a traditional plastic card.

Masterpass previously was available for online purchases that were made on phones, tablets or other devices. The expanded in-store use is based on so-called contactless technology in which shoppers hold the phone up to the terminal to make the payment.

MasterCard said a number of lenders are signing up for the Masterpass wallet, including regional banks Fifth Third Bancorp, SunTrust Banks Inc. and KeyCorp. The card network also noted that it will continue to support other mobile-payment platforms, allowing its cards to be loaded into those products.

Write to Robin Sidel at [e-mail]

(END) Dow Jones Newswires

July 14, 2016 11:05 ET (15:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.