MasterCard Launches M/Chip Advance Payment Platform
MasterCard has announced the availability of M/Chip Advance, a payment platform takes traditional debit, credit and prepaid chip cards to the next level by advancing payment functionality, facilitating deployment of contactless applications and integrating information needed for business applications such as transit and loyalty. The result according to MasterCard: "the potential to deliver versatile, multi-functional payment capabilities to consumers on one payment card."
MasterCard M/Chip Advance evolved from the proven M/Chip platform and meets new and exciting needs identified by financial institution customers and other industry partners. Its compatibility with current M/Chip and EMV technology allows card issuers to utilize existing infrastructure and investment to build both their brands and emerging businesses. With the inclusion of MasterCard® PayPass™, M/Chip Advance also consolidates contact and contactless platforms, bringing cost savings and operation efficiency for issuers, vendors and other industry partners.
“The much enhanced MasterCard M/Chip Advance platform brings a new dynamic to payments, giving issuers, acquirers and merchants everything they need to readily provide enhanced customer value from their chip-based programs,” said Joshua Peirez, Head of Innovative Platforms, MasterCard Worldwide. “M/Chip Advance is a solution that provides a competitive edge to increase market share and boost industry brands at a time when cost-effective innovation is vital to profitable growth,”
Peirez added, “This new product from MasterCard is another example of its commitment to shaping the future of payments at the heart of commerce.”
Among the benefits of M/Chip Advance to issuers are:
- Potential for increased revenues and profitability by optimizing and expanding card use, enabling enhanced segmentation and providing an opening to new markets and revenue streams.
- Cost efficient implementation by utilizing existing infrastructure and consolidating services on a single platform.
- Opportunity for brand promotion, by improving security and the cardholder payment experience and providing cardholders with leading edge payment products.
MasterCard has extensive global experience in the planning and implementation of chip programs around the world. It can help organizations identify, analyze and develop their business opportunities and plot a chip integration and deployment strategy that is right for them.
MasterCard has developed a number of added-value applications that extend and go beyond the payment security offered by MasterCard M/Chip, its underlying chip platform. The MasterCard OneSmart suite of applications is fully supported by M/Chip Advance and uses the features of M/Chip to optimal effect. It enables MasterCard customers to deploy added-value business solutions that both quickly and easily to enhance their cardholders’ experience. With the launch of M/Chip Advance, MasterCard takes chip payment technology into the future for the industry.
Add your comment... (note that all comments are reviewed before they're published)