Mastercard and Citibank India launches MasterPass

MUMBAI: Global payments company Mastercard has tied up with Citibank India to offer MasterPass- a digital wallet that enables the bank’s customer to undertake ecommerce transactions with fewer steps. The customer can link their credit card or debit card to digital wallet for online transactions. MasterPass is present across 24 country with customer base of 40 mn and is now launched in India.

Speaking to media, Kartik Kaushik, country business manager, global consumer bank said, “The user experience will be same across all forms, mobile, tablets and computer…. The focus is on the customer wallet.” He indicated that other forms like contactless card or ‘tap and go’ would be integrated in this. As of now, close to 41% of Citibank card transactions are performed online.

Once a bank customer opens a MasterPass account, the transaction would be completed in fewer steps compared to any other credit or debit cards. Vikas Varma, executive director, south Asia said, “Longer payment cycle has higher chances for consumer would drop out.” He said that the bank customer will be able to shop at about 2.5 lakh ecommerce merchants in India and overseas.