MasterCard is to partner with SIX Payment Services to launch the MasterPass payment platform in Switzerland.
MasterPass acts as a digital wallet, storing a customer’s payment details and thereby simplifying the online transaction process.
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Guido Müller, MD of MasterCard Switzerland said: "The cooperation with SIX is bringing the first MasterPass wallet platform to Switzerland, an advanced payment technology that makes it easy and simple to pay online, mobile and even, eventually, in physical shops.
"Financial institutions, customers and retailers will all benefit."
The MasterPass platform is card agnostic – meaning it will store the details of cards from other issuers.
SIX and MasterCard will partner to provide the platform to card issuing banks.
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By GlobalDataThe new partners say that this will allow all holders of payment cards issued by Swiss banks to use MasterPass to pay for online purchases on their PCs or mobile devices by the end of 2014.
Niklaus Santschi, CEO of SIX Payment Services, said: "Everyone benefits from a virtual wallet: consumers have a simpler safer way to pay and retailers have new opportunities for customer retention with additional loyalty programmes.
"The open wallet payment platform from MasterCard and SIX offers financial institutions a simple way to get into the exciting world of wallets.
"From mid-2015 onwards SIX is planning to launch this innovative solution in other markets in Europe as well."
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