MasterCard says its MasterPass In-App Payments feature will allow customers to make all mobile payments from one app.
In an official release, the company says the new product is a response to demand. The company says research shows revenues from mobile apps and in-app payments will reach $46 billion by the year 2016. Other sources suggest that about $90 billion in sales will be conducted via mobile payments by 2017.
MasterCard also notes that the average smartphone user has 26 apps downloaded on their device. Rather than having to load and store your payment information into multiple apps, the new app would allow you to make mobile payments from just one place. For MasterPass users, this may make mobile payments potentially more convenient and secure.
For small businesses that are looking for a way to take advantage of mobile payments, there could be at least two clear benefits. First, using a single mobile payment app should make mobile business payments easier. Second, especially for small retail businesses, it should make it easier to accept mobile payments from customers by working through a single payment system.
The release further explains:
“Apps with MasterPass embedded in them enable consumers to complete a purchase with as few as one click or touch on their favorite connected device without leaving the app environment. The optimized checkout process creates a seamless shopping experience, supported by the highest levels of security and cryptology.”
The new app is currently in beta for merchants, so an invitation is required to get started. The company says that the new feature will be widely available to app developers and merchants in the second quarter of this year.
Venture Beat reports that some companies are already using MasterPass’ mobile app, including Forbes Digital Commerce, Fat Zebra, MLB Advanced Media, NoQ, Starbucks Australia and Shaw Theatres Singapore. Meanwhile, MasterPass is already available as a browser add-on.