Mastercard

Scotiabank Rolls Out Masterpass

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Mastercard and Scotiabank announced news on Wednesday (Nov. 8) that Scotiabank customers now have access to fast and secure online payments via Scotiabank Masterpass.

In a press release, the companies said that whether paying for food online or shopping for gifts, Scotiabank customers can now use the Scotiabank Masterpass wallet at thousands of merchants for online and in-app purchases.

“Canadians are increasingly shopping online and expect an experience that is fast, simple and secure,” said Derrick Breau, senior vice president, Canada Account Management at Mastercard, in the press release. “With Scotiabank Masterpass, Scotiabank customers with credit cards or debit cards will get an easy, intuitive and low-friction shopping experience at leading merchants. It enables consumers to pay for the things they want with the security they demand.”

With Scotiabank Masterpass, the cardholder’s payment information is stored in one secure place. Customers are led through a registration process, where they will be able to choose from their Scotiabank debit and credit cards every time they shop. All payment information, including card details and shipping information, is included in the Scotiabank Masterpass wallet, which relies on advanced methods of payment security to help ensure customer information is protected when making retail purchases.

“Joining with Mastercard to offer another online payment solution gives our Scotiabank customers fast and flexible payment experiences tailored for their needs,” said Brian McCabe, vice president of Day-to-Day Banking at Scotiabank, in the same press release. “We are committed to continuing to deliver to our customers the ability to confidently choose from safe, secure and innovative payment methods in an increasingly digitized world.”

The deal with Scotiabank comes as Mastercard is amping up the technology associated with Masterpass. In late October, the payment company announced an augmented reality (AR) shopping experience that, for the first time, incorporates Masterpass and Identity Check Mobile with iris authentication for payments.

In a press release, the payments company said the technology, developed with Qualcomm Technologies, provides photorealistic augmented reality to give consumers a customized, security-focused online shopping experience. According to Mastercard, the new AR experience will not only let consumers view digital representations of products before purchasing them, but they will also be able to learn more about what they are buying, see additional options not available in the physical location and get instant recommendations or other information.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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