Speaking today at the MasterCard Debit and Prepaid conference in Budapest, MasterCard Europe President, Javier Perez, introduced the eCommerce initiative "as a means to maximize the 200€ billion opportunity ahead of us, not only for our customers and e-tailers but importantly the consumers both communities aim to serve."
European eCommerce will be worth €203 billion by 20141, and represents the fastest growing retailer channel globally. Commenting, Perez said "Although over two thirds of all card payments are made by debit in Europe2 , the internet tells a very different story, with this virtual space served by multiple, local debit solutions across the varied markets of Europe and a subsequent minimal use of debit by internet shoppers.
"Our initiative is therefore designed to replicate the seamless Maestro high street experience and ensure that the fully authorized transaction guarantee - an essential part of the Maestro DNA - is offered for online transactions. To not do this, and leave over 300 million Maestro cards non eCommerce enabled, would be a backward step for our European cardholders, merchants and customers alike."
The Maestro eCommerce Initiative
In April, MasterCard adjusted its European product specifications to include eCommerce transactions as a standard transaction type to be supported by all issuers of Maestro cards in Europe from April 11, 2011, where previously this was optional. Additional changes were also made to support the rapid introduction of Maestro debit cards on the world wide web (see editorial note over).
"In the last year we have been increasingly challenged by our customers including today's growing e-tailing community. We knew that we had to make changes to demonstrate our commitment to bring Maestro into the virtual world, and although the very black and white nature of these new policy requirements look simplistic enough, they do represent a major move to support the growing number of acquirers who have already invested in bringing Maestro to the internet. We have already seen the momentum for this, with Belgium's top three issuers recently opening up Maestro's online capability for Belgium cardholders" Perez said.
The new face of Maestro
Javier Perez added: "Our initiative does not stop with policy changes. Maestro's stickiness on the internet will only grow if the product - in its real world form - evolves as well. Now plastic really does have to be fantastic, hence our proposed 'new generation Maestro'."
"There are currently many varied faces of Maestro - prepaid, contactless, embossed, but the one proposed here today is probably one of the most exciting as it offers a new level of security, control and convenience for European consumers. This card carries a display and a touch-sensitive button. Push once and you know immediately how much you have available in your current account - or on your prepaid card - push again and a unique, one-time only passcode will be shown to secure your internet transaction. This really is 'one card that does it all' - offering secure shopping on the high street with chip and PIN and secure eCommerce shopping as well as internet banking facility access. As our current advertising campaign states - 'Maestro - So Simple'. "
Concluding, Perez said: "Cards were born from cardboard, they've been 'mag striped' and 'chipped' and now we enter their silicon age, with a display and touchpad opening up a multitude of possibilities. With today's commitment to support Maestro's entry onto the net and the continuing development of Maestro functionality, the stage has well and truly been set and the 'virtual' and 'real' worlds of debit card payments promise to finally come together for today's consumer."
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com . Follow us on Twitter: @mastercardnews.
Source: Company press release.
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