Mastercard has extended its mobile payments proposition with the launch of Masterpass in-app payments, letting users make transactions from within any mobile app.
The credit card giant, which unveiled the new service at Mobile World Congress in Barcelona today, has created the service to “eliminate” the need for users to store their bank card information across multiple mobile apps, providing a fast, simple payment experience.
It also means users can buy items or service via one tap on their smartphones, without leaving the app environment.
The news follows findings from ABI Research which revealed overall revenues from mobile apps, including in-app purchases, will hit $46 billion by 2016 – five times what was made in 2011.
The average global smart device user downloads 26 apps, meaning people are storing payment card and other sensitive information with multiple app providers to set up accounts and make purchases, according to Mastercard.
Masterpass in-app payments, which follows the launch of the browser-based Masterpass mobile payments service last year, is designed to give people one secure, direct relationship with their bank.
Ed McLaughlin, chief emerging payments officer at MasterCard, said the new service has been created to address the “specific needs” of the digital ecosystem.
“We’re developing a framework to make all payments using MasterPass as or more secure than anything we can do on cards today, ensuring that consumers can benefit from the highest possible levels of security,” he said.
Brands including Forbes Digital Commerce, Starbucks Australia are among the first app providers that have signed up to use Masterpass in-app payments, which will in the second quarter this year.
Earlier this month Mastercard revealed a tie-up with mobile marketing and wallet joint venture between O2, EE and Vodafone Weve, to drive mobile contactless payments.