MasterPass Gains Traction With J.Crew Deal
In a deal that will give MasterCard’s (NYSE: MA) MasterPass even more national exposure, J.Crew is teaming up with MasterCard’s digital wallet service to allow its online shoppers to checkout using MasterPass. Already, Masterpass’s digital commerce platform is being used by Beyond the Rack, Currys, lastminute.com, Newegg and PC World. MasterCard also boasts that more than 20,000 retailers in the UK, US, Canada and Australia, utilize its digital wallet. MasterPass’s continued adoption by retailers further pits it against PayPal’s mobile app, which is growing rapidly. Plus, MasterCard is competing against Square, Visa, and others that are entrenched in the digital wallet space. Meanwhile, J.Crew latched onto MasterPass to speed up online ordering, especially for shoppers who are in a hurry during the holiday season. After shoppers on jcrew.com create a MasterPass account, they can check out in a few clicks. “The world of online shopping is changing rapidly. Customers want ease and simplicity,” said Jenna Lyons, president and executive creative director at J.Crew, in a statement from the company. “The MasterCard team put together a great campaign to support the launch of MasterPass and we are thrilled to be partnering on such an exciting initiative, especially during the busy holiday shopping season,” she added. Kicking off in early November, the ad running across digital and social media focuses on J.Crew’s seasonal offerings and highlights MasterPass as shoppers’ shortcut to online holiday shopping. To counter MasterPass and speed up adoption of its service, PayPal (NASDAQ: EBAY) last week said it is waiving the processing fees for some global startup businesses. PayPal Vice President of Growth Stan Chudnovsky said the global payment company would waive up to $50,000 in processing fees in the first 18 months through its PayPal Startup Blueprint program. At the same time, MasterPass will be made available to both merchant and issuing partners in seven new markets – Brazil, Belgium, France, Italy, Singapore, Sweden and Spain – by the end of this year.