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Co-Op Financial Services, an organization that services credit unions across the U.S., is now offering their members access to MasterPass by MasterCards. With this digital payment platform, cardholders make payments easier and faster, whether paying for merchandise at the store, online or with an app.
“MasterPass is an important piece of a comprehensive digital e-commerce strategy, and complements digital wallets such as Apple Pay, Android Pay, Samsung Pay and others.” said Stan Hollen, President and CEO of Co-Op.
MasterPass making shopping simpler
MasterPass was first released by MasterCard in 2013. It's designed to store a person’s credit card information, as well as their shipping information, so that when it’s time to buy something, whether that's a holiday present or other purchase, people can pay with a click or two.
In November MasterCard announced that MasterPass will be upgraded, so that it is integrated with the MasterCard Digital Enablement Service (MDES). What does this mean for consumers? Enhanced security for one, because MDES is a token-based system, making online and app based purchases safer.
When it’s time to actually pay for a purchase rather than transmitting the cardholder’s financial data the system creates a one-time digital token, which lets the payment go through without sending the individual’s credit card or personal information.
If this sounds familiar, it’s because the same technology is used in mobile wallets like Apple Pay, Android Pay and Samsung Pay.
Sweden is now MasterPass enabled
MaterPass has also cut a deal to with Nordea, SEB and Swedbank in Sweden, the first country in Northern Europe to launch this digital wallet.
Co-Op Financial Services was launched in 1981 and is headquartered in Rancho Cucamonga, California. They provide credit unions with a wide range of products and services, including ATMs, shared branching, call center services, debit and credit processing, bill payment, and mobile, online, and check imaging services.