MasterCard Innovation Hub Leading the Digital Payment Evolution

By CIOReview | Wednesday, October 22, 2014
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FREMONT, CA: MasterCard, a premium payment solution used across the globe is looking forward to lead the digital transformation in innovative payment solutions. The company has come up with NYC Technology Hub to crank up next generation disruptive payment solutions. The hub will be house for its rich talent pool of engineers working on platforms including MasterPass, Start Path, Digital Enablement System, MasterCard Labs, and OpenAPI.

MasterPass is a digital platform whereby consumers can use any payment card or enabled device for making purchases. It has features such as MasterPass checkout services, connected wallets, and value added services. This platform enables banks, and businesses to create their own open wallet which allows cards from any branded credit, debit and prepaid cards. Consumers can store their card information, address book on the cloud of their choice.

MasterCard Start Path is a platform where the company works in collaboration with several startups to build smart and simple commerce solutions. Focused on accelerating the prospects of the startups by addressing their unique needs, MasterCard’s Start Path is a pool of innovative ideas which are given shape through collaboration.

MasterCard Digital Enablement Service (MDES) is the latest solution from the company which transforms any connected device into a commerce device to make and receive payments. The recently released iPhone 6, iPhone 6 Plus, and Apple Watch with the Apple Pay feature can now with the help of MDES platform make payments in a secured manner for contactless and in-app payments.

MDES supports contactless payments and Digital Secure Remote Payments (DSRP). Point-of-sale transactions are done through contactless payments by using the NFC technology; DSRP on the other hand which enables in-app purchases using a token delivers Europay, MasterCard and Visa (EMV)-like transactions.