Mastercard, one of the leading companies in the field of payment technologies, is celebrating the ninth anniversary of Masterpass, the digital payment and card storage solution developed by Turkish engineers and exported worldwide. In addition, a lot of information was shared about the number of Masterpass users and cards and the current situation.
Masterpass users saved 550 million minutes in 2023!
Let’s come to the explanation of the number of Masterpass users and cards. By 2024, Masterpass has reached 40 million registered unique users, 70 million registered cards and more than 4 thousand member businesses. Masterpass, Turkey’s largest digital payment platform, operates one-third of e-commerce payments in the country.
This platform plays an important role in the evolution of the digital economy and e-commerce in Turkey, allowing users to save their card information at once and have this information automatically presented when making payments at more than 4 thousand merchants.
At the press conference held on April 19, Mastercard Turkey and Azerbaijan General Manager Avşar Gürdal emphasized the benefits Masterpass offers to the country’s economy, businesses and consumers, and the innovative services offered to users.
Gürdal stated that 40 million dollars have been invested in Masterpass to date and that the platform has become the preferred solution in the field of card storage in e-commerce. He stated that Masterpass has a wide usage network with member businesses that make up 65% of the e-commerce volume in Turkey and offers a reliable, fast and trouble-free payment experience.
Masterpass, which also supports the digital transformation of small and medium-sized enterprises (SMEs), helped the digital transformation of more than 4 thousand SMEs and cooperated with e-commerce infrastructure providers and integrated into the e-commerce packages purchased by SMEs.
Gürdal stated that payment approval rates in e-commerce increased by 15% and cart abandonment rates decreased by 30%, and said that these improvements helped overcome factors affecting the consumer such as complex payment processes, trust concerns and unsuccessful transactions.
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He also stated that user data is stored securely and card information is encrypted with tokenization technology and is kept with high security measures on the platform. In 2023, Masterpass provided businesses with 30 million additional orders and 30 billion Turkish Liras of additional turnover.
Gürdal also stated that consumers saved 550 million minutes while shopping in 2023, which corresponds to a total of 1025 years of time savings, and this means 2 hours that 4.5 million people can spare for themselves. He added that 30 million orders created a value equivalent to the annual turnover of 8 thousand SMEs.
