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New payment service targets £6bn problem

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A new digital and mobile payments service that aims to simplify consumer transactions is making its debut in the UK- ahead of the rest of the Europe.

Masterpass by Mastercard, which is already used in the US, Canada and Australia, will be rolled out in the UK from today with House of Fraser, Boots.com, Argos, and The Hut Group so far signing up.

The company want to simplify the physical and online shopping experience, amid research by IMRG and Capgemini that checkout abandonment affected 37 per cent of UK online transactions in Q1 this year- equating to £6bn lost in sales.

James Roper, Chief Executive, IMRG commented: “Customers abandon online shopping baskets at the checkout for a number of reasons, such as lack of convenient delivery options or security certification, hidden charges and the length of the checkout process. Digital wallets represent a major step forward in bringing down basket abandonment by offering the customer greatly enhanced speed, convenience, trust and certainty.”

The service allows the consumer to safely store all payment, store card, loyalty, shipping and billing address details in one place and makes omni-channel and e-tail transactions easier. The service is partnered with leading technology firms including WorldPay and Optimal Payments.

Additional launches are planned across Europe, Latin America, Asia and the Middle East throughout 2013 and 2014.

Published on Tuesday 30 July by Editorial Assistant

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