Major Nordic Banks Support Launch of MasterPass in Sweden

Nordea, SEB and Swedbank – three of the leading banks in the Nordics, are now confirmed to launch digital wallets enabled by MasterPass™, the digital platform from MasterCard®. Built on MasterPass technology and functionality, the banks will offer their own digital wallets to their customers, giving them a true global solution for easy shopping online on any connected device.

“We are very proud to announce that Nordea, SEB and Swedbank will introduce their own digital wallets using the global MasterPass platform. In partnership with those banks, a safe, simple and smart digital wallet, that can store all card brands, and which is accepted globally, will soon be available for millions of Swedish consumers across all connected devices, while delivering the security and benefits consumers already enjoy today from a genuine MasterCard transaction,” says Mats Taraldsson, head of Business Development MasterCard Nordic and Baltic Region.

MasterPass simplifies online purchases made from connected devices including PCs, tablets and smartphones. MasterPass eliminates the need for consumers to enter detailed shipping and card information to complete their online purchases at MasterPass merchant sites that have the “Buy with MasterPass ™” button on their check out page as MasterPass automatically inserts name, address and card information at every purchase. Consumers can securely store MasterCard and other branded credit, debit and prepaid card information and more in their MasterPass digital wallet. In Sweden, MasterPass will be even more consumer friendly as users will login to their digital wallet using Mobile BankID for safe and fast shopping online.

Besides Nordea, SEB and Swedbank confirmed as issuers of the MasterPass digital wallet, the first Swedish payment service provider Paynova, one of Sweden’s leading payment service providers on the internet, is also confirmed for deployment of the “Buy with MasterPass” button. This means all e-merchants using Paynova’s services can easily offer the MasterPass checkout button on their websites. This simplification of the purchasing process, which also includes all the guarantees of a card payment, should enable e-merchants to increase significantly their check-out conversion rate and boost the development of e-commerce and m-commerce.

This solution, which is initially being deployed for e-commerce, will at a second stage enable merchants to offer their customers to pay in store with MasterPass and encourage the convergence of payment experiences using new technologies such as NFC and QR code.
MasterPass is today available to consumers in Australia, Canada, United States and the United Kingdom. MasterPass is currently expanding to other markets and will be made available to both merchant and issuing partners in Belgium, Brazil, China, France, Italy, Israel, Netherlands, Singapore and Spain.

MasterPass will be launched in in Sweden during 2014.

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