This online payment solution saves the user from having to enter card details and simplifies payment as, by clicking on the Click to Pay icon, cards are accessed securely on the platform. Click to Pay offers a better user experience, greater security and control to card payments.
Banco Sabadell today announced that it will be the first bank in Spain to make the Mastercard Click to Pay solution available to merchants across Spain later this year. This easy and secure feature is based on the international EMVco* standard for making payments at electronic merchants. Mastercard Click to Pay stores cards securely so that users can pay without having to manually enter data for each transaction or remember an additional password, thanks to the assignment of a unique, encrypted virtual card number for each card.
Whether on a smartphone, tablet or PC, users need only follow three simple steps to complete their purchases. First, they select the Click to Pay icon on websites that have the feature enabled; then they choose which of the stored cards they want to use to make the purchase; and finally, they proceed to checkout. And all this without the need to enter an additional password, as the service is able to identify users and make the stored cards available to them at the time of payment, guaranteeing the security of each purchase.
More than 10,000 online merchants around the world, in markets such as the US and UK, have already integrated the Click to Pay solution.
Albert Figueras, deputy general manager of Banco Sabadell, said: "At Banco Sabadell we are focused on protecting the security and ease of use of electronic payments, especially for online sales. This is a clear example where, thanks to innovation and the collaboration with Mastercard, we offer a superior level of security and an excellent user experience". Figueras adds that, with Click to Pay, "we bring both merchants and customers. The former gain a competitive advantage in their sales, making them more agile, and the latter obtain greater convenience in their purchases".
According to Paloma Real, Mastercard Spain General Manager: "The payment experience is a constant in people's lives, so we must ensure that it is fast, simple and secure, especially with the growing rise of e-commerce. We are delighted to help the industry and to work with Banco Sabadell to promote this EMVCo solution that helps to make the shopping process more efficient for customers, while maintaining the highest security standards”.
Click to Pay was designed to create an online payment experience which offers the same level of security, convenience and control than physical payments do. Its benefits for consumers, issuers and retailers are numerous:
Consumers will now have a better online payment experience:
• Delivers consistent, password-free payment
• Stores payment information securely
• Recognizes users through smart authentication
• Centrally manages consumer payment information
Issuers can support an efficient shopping experience based on international standards:
• Increases approval rates and reduces fraud
• Manages authentication, risk and consumer engagement
• Boosts cardholder trust and loyalty
• Strengthens relationships with users
Merchants will offer faster and smarter payment systems:
• Reduces integration costs and simplifies management
• Reduces fraud risk
• Strengthens user confidence with a recognizable payment icon
• Promotes merchant speed