Masterpass – Innovative Mobile Payment
Spinnaker is proud to announce Arch Masterpass, a new value-added product in EFT functionality that offers an integrated mobile payment method at point-of-sale (POS).
Accepting mobile payments is a great way for merchants to enhance customer experience while optimising operational efficiencies and keeping costs low.
Mobile payments offer customers the convenience of paying for goods and services using their mobile phones, and demand for it is rising. Customers do not have to carry cards or cash with them. The COVID-19 pandemic also highlighted the hygienic benefit of mobile payments – they require no inter-human contact with cash, cards or devices.
In Africa, mobile payments give retailers access to unbanked customers without having to rely on cash. Despite Africa’s large unbanked population, the World Economic Forum estimates that 93% of the African population has access to mobile phones, hence the rise in mobile banking.
Frequently Asked Questions
What are mobile payments?
Mobile payments are regulated financial transactions (payments) that are performed using a store of value accessed securely from a mobile wallet on a mobile phone.
What is a mobile wallet?
A mobile wallet is a digital wallet in the form of an app on your phone. Debit or credit card details can be added and stored in a mobile wallet app on your phone and conveniently used for making purchases via mobile payment instead of using a physical card.
What is Masterpass?
Masterpass is a digital wallet from Mastercard that enables customers to make mobile QR payments at your store. Customers must register their bank card on it before they can make a payment, and any bank-issued Visa or Mastercard product issued is compatible.
What are QR codes, and how does Masterpass use them?
A QR (quick response) code is a 2-dimensional bar code system containing information that can be scanned using the camera on a mobile device. Masterpass uses dynamic QR codes that are generated per transaction and contain unique transaction details such as transaction amount as well as merchant information. These codes are typically displayed on the pin entry device (PED), POS or customer-facing display. They can also be printed on receipts.
Benefits of Masterpass
Accepting mobile payments is a great way for merchants to enhance customer experience while optimising operational efficiencies and keeping costs low.
Mobile payments offer customers the convenience of paying for goods and services using their mobile phones, and demand for it is rising. Customers do not have to carry cards or cash with them. The COVID-19 pandemic also highlighted the hygienic benefit of mobile payments – they require no inter-human contact with cash, cards or devices.
In Africa, mobile payments give retailers access to unbanked customers without having to rely on cash. Despite Africa’s large unbanked population, the World Economic Forum estimates that 93% of the African population has access to mobile phones, hence the rise in mobile banking.
Frequently Asked Questions
What are mobile payments?
Mobile payments are regulated financial transactions (payments) that are performed using a store of value accessed securely from a mobile wallet on a mobile phone.
What is a mobile wallet?
A mobile wallet is a digital wallet in the form of an app on your phone. Debit or credit card details can be added and stored in a mobile wallet app on your phone and conveniently used for making purchases via mobile payment instead of using a physical card.
What is Masterpass?
Masterpass is a digital wallet from Mastercard that enables customers to make mobile QR payments at your store. Customers must register their bank card on it before they can make a payment, and any bank-issued Visa or Mastercard product issued is compatible.
What are QR codes, and how does Masterpass use them?
A QR (quick response) code is a 2-dimensional bar code system containing information that can be scanned using the camera on a mobile device. Masterpass uses dynamic QR codes that are generated per transaction and contain unique transaction details such as transaction amount as well as merchant information. These codes are typically displayed on the pin entry device (PED), POS or customer-facing display. They can also be printed on receipts.
Benefits of Masterpass
- Customer convenience – no need to carry a physical wallet anymore
- Minimal cashier training – a single button for tendering mobile payments
- Speed – an efficient mobile payment service
- Reduced errors – no need for customers to enter transaction amounts manually
- Integration to POS – display QR codes on the existing PED infrastructure
- Increased security – no primary account number (PAN) data is processed through the merchant environment
- Fraud reduction – unique responses to each mobile payment request is sent to the specific lane that requested the payment authorisation
- Effective transaction reconciliation – full transaction-based reconciliation between the channel (POS, web) and the transaction authorising entity
QR Payment Process
