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  • 07.14.16

Mastercard joins the conga line of banks creating Apple Pay-like products 

Mastercard is expanding Masterpass, its one-touch online checkout option to the offline world. The credit card company is unleashing an NFC-enabled tap-to-pay solution a la Apple Pay, so that customers can pay in store with Masterpass using their phone. The new product is not unlike the one Visa debuted last month for its banking partners.

Contactless payments for Masterpass is rolling out in two ways in the next month. The following banks will all support the Masterpass in-store tap-to-pay feature within their own Android banking apps: 

• Ally Bank
• Associated Bank
• Bank of America
• Bank of the West
• BMO Harris Bank
• Capital One
• Central Bank
• Citi
• Fifth Third Bank
• First Hawaiian Bank
• First Tech Federal Credit Union
• KeyBank
• People’s United Bank
• Security Services Federal Credit Union
• SunTrust
• Virginia Credit Union  

Masterpass will also have a stand-alone app.  Consumers can use the payment method at 5 million locations throughout 77 countries, according to the company.

Notably, iPhone users will not be able to use the new in-store shopping experience, though they can still use Masterpass to make payments within mobile apps. RR