MasterCard has launched M/Chip Advance, a new payment platform, to deliver multi-functional payment capabilities to consumers on one payment card. The platform has advanced payment functionality, facilitating deployment of contactless applications and integrating information needed for business applications such as transit and loyalty.
According to the MasterCard, M/Chip Advance is evolved from the M/Chip platform and meets new and exciting needs identified by financial institution customers and other industry partners. Its compatibility with current M/Chip and EMV technology allows card issuers to utilize existing infrastructure and investment to build both their brands and emerging businesses.
With the inclusion of MasterCard PayPass, M/Chip Advance also consolidates contact and contactless platforms, bringing cost savings and operation efficiency for issuers, vendors and other industry partners.
Joshua Peirez, head of innovative platforms at MasterCard, said: “The much enhanced MasterCard M/Chip Advance platform brings a new dynamic to payments, giving issuers, acquirers and merchants everything they need to readily provide enhanced customer value from their chip-based programs.
“M/Chip Advance is a solution that provides a competitive edge to increase market share and boost industry brands at a time when cost-effective innovation is vital to profitable growth.”
