Mastercard is helping to bring the benefits of mobile payments to small businesses.
The company has announced a Small Business Mastercard for BMO Harris Bank customers that is compatible with Apple Pay, Samsung Pay, and Android Pay, as well as its own Masterpass digital payments platform. The solution could offer some peace of mind to small business owners given its support for biometric authorization security on compatible mobile devices, and its use of encryption security, not to mention a zero liability protection feature that insures business owners against unauthorized purchases.
In a statement announcing the Small Business Mastercard, BMO Head of North American Retail Payments Jennifer Hawkins emphasized the ease of use and convenience of mobile payments, asserting that the solution offers busy business owners “a simpler purchasing experience on their smartphone devices.”
While the Masterpass cross-channel digital payments solution initially appeared to be positioned as a direct competitor against the major mPayment platforms, Mastercard is evidently willing to look beyond the competition in seeking to promote the solution with its banking partners. For its part, BMO Harris Bank has long supported Apple Pay, and enabled support for Samsung Pay, Android Pay, and Masterpass at the start of this year.