Merchant Innovation

Neiman Marcus Adds MasterPass To eCommerce Portfolio

Luxury retailer Neiman Marcus took to its Facebook page yesterday (June 23) to reveal that it is now accepting MasterCard’s MasterPass payment option during online checkout.

The company’s website also featured an announcement of the partnership, explaining the added payment solution as “a simple, convenient digital wallet for faster — and more secure — shopping.”

“Skip the hassle (and typos!) of filling out your information each time you buy; enjoy quick checkout at the click of a button,” the post continued.

The digital payment system works by storing credit, debit, prepaid and loyalty cards in one place, while also keeping track of preferred shipping information, making it readily accessible to the customer during checkout. Customers using MasterPass can pay with any registered payment card, anywhere online or in-app, using any device, which cuts out the need to enter detailed information with every purchase.

Back in January, MasterCard named several major merchants, including Neiman Marcus, who committed to enabling MasterPass to enhance the online shopping experiences for their customers.

“Consumers like shopping, but paying for things online can be challenging,” MasterCard’s North America Market Development Group Executive Michael Cyr said in the company statement. “MasterPass helps turn every online payment experience into an express checkout lane.”

Neiman Marcus President of Stores and Online John Koryl confirmed that “customer service is at the heart of every decision we make,” when the announcement of the retailer’s plans to offer MasterPass first surfaced.

Neiman Marcus is the latest in a growing list of retailers now offering MasterPass to customers, which may fall right in line with the company’s plans to scale the digital payments option.

“We’ve reached about a quarter of a million merchants. The pace of signing up merchants have increased. We are in 17 countries launched. We’ve enabled for 30 plus countries already and are at the building block stage. I think we’ve got another couple of years of building blocks to go, before you get adequate merchant size, scale issuers on it, cards loaded, launched in country, that’s one aspect,” MasterCard CEO Ajay Banga said back in May.

To check out what else is HOT in the world of payments, click here.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

1 Comment