Payment technology provider Seitatech will start offering their merchants to accept payments with Mastercard’s global digital platform Masterpass for online and in-app purchases.
The collaboration with Mastercard comes as a response to the conversion problem ailing online payments: Nearly 70% of all online purchases are abandoned during payment. In collaboration with Mastercard, Seitatech seeks to solve this with a streamlined online payment experience using Masterpass, where the consumers no longer have to enter detailed payment and shipping details at each purchase.
Easy way to accept online payments
Several banks have built their mobile payment applications around the widely used Masterpass wallet. The collaboration with Mastercard regarding Masterpass provides online retailers an opportunity to offer safe, simple, and secure payments. Adding a Masterpass checkout button to one’s webstore solves many issues with online payment, making purchases fast and effortless, at the same time as maintaining the highest level of security. This is the easiest way to reach the customer flows using the most common payment cards and mobile wallets.
Seitatech provides the technology solutions to enable immediate processing of Masterpass ecommerce payments. As a white-label service provider, Seitatech offers merchants a simple way to make easy online payments a part of their services.
Important collaboration for the launch of Masterpass in Finland
”We are very pleased to be collaborating with Seitatech to be able to offer our global digital payments platform Masterpass to the Finnish merchants” says Mats Taraldsson, Head of Market Development, Mastercard Nordics & Baltics.
Masterpass is already live in 34 countries around the world, of which 19 in Europe. Over 340 000 merchants globally are accepting payments with Masterpass. More countries will launch shortly, where Finland is one of them.
The natural development of payment services
Seitatech sees Masterpass functionalities as a natural continuation of the organization’s current services. “Masterpass fits perfectly with our strategy. It brings a more efficient, secure and simple payment method to consumers and service providers” says Seitatech’s CEO, Sakari Parre.
Parre brings up the long-term effects of the collaboration, praising their partner’s novel approach in the payment landscape. “Mastercard’s innovative approach and desire to develop technology partnerships in the field of fintech fits perfectly into Seitatech’s vision of the future.” He emphasizes the growing significance of collaboration in the evolving payment ecosystem.
An Answer to the conversion problem in ecommerce
In the future, payments will be moving to online and mobile in growing numbers. The benefits of Masterpass lie in its wide-ranging functionality, with most Masterpass based applications being able to pay online, in-app as well as in brick-and-mortar stores. Practical operation and a wide user base make Masterpass an excellent choice for ecommerce.
Most problems in online retail relate to the difficulties in payments. A recent study revealed that as many as 70% of all online purchases are abandoned during payment. Mastercard's answer to this problem has been to eliminate all unnecessary steps in the payment process, allowing consumers to pay in an easy and secure way without entering all the card and shipping data at each purchase. This data is instead securely stored in the Masterpass wallet. Streamlining the payment process reduces the dropped purchases, improving retailers’ conversion rate and sales.
Release in the start of Q2 2017
Seitatech will be handling the technical implementation of the online payment processing, providing retailers a complete service for accepting one-click payments. The purpose of the collaboration is to make easy online payments available to consumers, retailers as well as resellers. Seitatech will begin the implementation of Masterpass payments before the second quarter with select resellers.
For more information, contact:
Sakari Parre, CEO
Seita Technologies Oy
+358 40 041 7220
sakari.parre@seitatech.fi
Seita Technologies Oy is a Finnish software- and technology solution provider specialized in electronic payments. The company provides white-label payment services for resellers. Seitatech’s solutions can be found in plenty of Finnish product and gasoline vending machines, as well as retail payment terminals. www.seitatech.fi
About the Authors:
Toomas Selkänen
