Commonwealth Bank has announced an online digital wallet service based on the MasterPass wallet by MasterCard.
For online payments, CommBank Checkout allows users to pay from a list of pre-stored cards and shipping addresses stored in the digital wallet. Consumers can add credit, debit and prepaid cards other than MasterCard, but the wallet includes some special features for MasterCard cards.
The digital wallet works at 186 Australian retailers including Event Cinemas, The Iconic, Moshtix and Booktopia, according to MasterCard. The full list of retailers is on the MasterCard website.
MasterCard added that it has signed partnerships with 20 Australian payment and shopping cart companies. MasterCard had announced CommBank as a banking partner in August.
Event Cinemas, which also accepts PayPal payments, said supporting MasterPass is part of the company’s focus on adopting innovate services to drive sales online and on mobile.
“When buying tickets, customers want their experience to be speedy and convenient,” said Kristie Atkins, sales director for Amalgamated Holdings, the parent company of Event Cinemas. “Making MasterPass available is just one more way we are ensuring they can do just that, 24 hours a day, seven days a week, no matter where they are.”
MasterCard, which launched MasterPass in February, said it decided to partner with CommBank to help customers feel more comfortable paying with a digital wallet.
“We know consumers prefer the comfort and convenience that dealing direct with their own bank gives them,” Matt Barr, MasterCard head of market development and innovation, said in a statement.
“Studies show the connection to your own financial provider is particularly important when it comes to embracing digital payments.”
To further ease any customer fears, CommBank has made a 100 per cent money-back guarantee for any fraudulent transactions.
“CommBank Checkout is a convenient and secure way for customers to complete their online purchases in Australia and worldwide which will be particularly handy with Christmas fast approaching,” said Angus Sullivan, CommBank executive general manager of cards payments, analytics and retail strategy.
The news follows a CommBank announcement last month that the bank would produce a smart sticker to enable contactless payments through a mobile phone.
CommBank and MasterCard are just two of many companies vying for share in a competitive market for digital wallets.
Visa, Eftpos and Bendigo Bank have recently said enabling mobile payments is a critical part of their near-term business strategies. Also, PayPal has recently announced new capabilities to reduce friction paying in stores and restaurants, including a Bluetooth-based stick called Beacon and a new .
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