Mastercard pitches stores on more ways to take payments

Mastercard is telling businesses that taking cards is no longer enough. A session at its Merchant Cloud program covers alternative and local payment options, plus digital wallets. If you run a shop or sell online, the pitch is that more ways to pay could mean fewer lost sales.

What it is

Mastercard Merchant Cloud is a Mastercard program aimed at businesses that accept payments. The session focuses on two things. Local payment options are the ways people in a given area prefer to pay, which may not be a credit card. Digital wallets are phone-based tools that store payment details so a customer can tap or click to pay.

Who it affects

Mostly store owners and online sellers. Customers may notice it later, if more businesses add checkout choices. The session is not only about credit cards, so it speaks to businesses that want to reach shoppers who pay in other ways.

What is not known

Full details were not available. The material does not say which payment types are covered, what they cost, or how a business would sign up. It also does not name any new product, price or launch date.

What to do

• Check Mastercard's own pages for the session details before changing anything.
• Ask what fees apply to each new payment option.
• Find out how much setup work each option needs.
• Look at how your own customers like to pay.