Today, Resurs Bank and Mastercard announced the launch of Loyo Pay, the first digital wallet in Sweden to introduce omni-channel shopping capability, making it available for commerce in every channel – online, in app and in-store. Sweden is the first country in Northern Europe to offer a payment solution that is fully digitizing the plastic card by integrating Masterpass.
Resurs Bank has been offering Mastercard’s digital service Masterpass since its launch in Sweden at the end of 2015 and is also offering Mastercard cards with NFC chips. In the application Loyo Pay, Masterpass is combined with NFC-technology and MDES, the digital platform for tokenization, making it possible to completely digitize plastic cards in every channel. With Loyo Pay, joining these services and technology, consumers can enjoy a quick and easy payments experience no matter where they shop, while at the same time being protected by the most advanced security methods.
”Today’s Swedish launch of a digital omni-channel wallet integrating Masterpass is a clear example of the connected trend in which consumers expect easy, safe and secure payment experiences everyday of their lives. The expansion of Masterpass represents an important evolution for our digital strategy in the Nordics,” says Mats Taraldsson, Head of Market Development Mastercard Nordics and Baltics.
By integrating Masterpass in Loyo Pay, the application can be used for online payments at over 290 000 merchants globally. It can additionally be used for card payments using a smartphone in-store in 77 countries at over 6 million merchants who accept contactless payments via NFC-technology (Near Field Communication). Everyone with a Mastercard card issued by Resurs Bank can use Loyo Pay for in-store payments and the function will first be available for Android devices that support NFC. The Masterpass component will continue to be an open solution as it can be used by everyone, no matter who they bank with, where the consumer can use all kinds of cards, both Mastercard as well as other brands.
”Loyo Pay is the first actual digital omni-channel wallet in Sweden that lets you pay with your mobile both online and in-store. The mobile has always been talked about as the wallet of the future, and now we are actually making it a reality”, says Joakim Wallin, Head of Cards at Resurs Bank.
The new service is based on MDES (Mastercard Digital Enablement Service), the digital platform for tokenization, and on MCBP (Mastercard Cloud Based Payments), the technology for cloud based payments. Loyo Pay has been developed in close collaboration with Payair Technologies.
”Resurs Bank and Mastercard are forefront actors when it comes to delivering access to new and easy methods of payments online, in-app and in-store. We look forward to keep innovating and leveraging customer-focused solutions together with our partners”, says Sören Babra, CEO and founder Payair Technologies.
The application Loyo Pay is free and will be available for download through Google Play in the nearest future. Consumers with a card issued by Resurs Bank can register their interest already today at www.loyo.se