Mastercard and PrestaShop launch Click to Pay to improve online payments

Mastercard and PrestaShop have announced the launch of a Click to Pay solution in certain European countries. Merchants using the platform will be able to integrate it and offer it to their customers. This will not only benefit customers in terms of security and speed, but also merchants, for whom Click to Pay can have a positive impact on sales.

FACTS

• Prestashop, a major player in e-commerce solutions, has therefore teamed up with Mastercard to offer Click to Pay to its customers.

• Click to Pay is a fast, secure payment solution based on tokenisation. It enables consumers to pay in just a few clicks when making an online payment.

• In practical terms, the solution requires only card registration to begin with. It then becomes very fast and flexible:

  • The first time, customers enter their bank details, which are then encrypted using tokenisation.

  • When they reach the payment page of a merchant offering the payment solution, the Click to Pay logo is displayed and the consumer clicks on it.

  • If they have registered several cards, they can also choose the card with which they wish to make the payment.

  • In just a few clicks, the payment is made and the customer receives confirmation of their purchase.

• For merchants using the PrestaShop platform, Click to Pay will initially be available in France, Spain, Italy and the UK.

• The e-commerce company then plans to extend it to other European and international markets.

• The payment solution is based on EMV standards, which are supported by most of the world's payment networks, ensuring interoperability.

CHALLENGES

• A practical and innovative solution: Click to Pay is one of the fastest online payment solutions. One of its strong points is that consumers do not have to remember a password or pin code to use it, which greatly reduces the payment process. The solution is also secure, since tokenisation allows transactions to be carried out without bank details being transmitted to the merchant.

• A major advantage for e-commerce merchants: Click to Pay is an opportunity for merchants to close more sales. Studies tend to show that these frictionless payment solutions help to reduce the number of shopping basket abandonments and boost sales on e-commerce sites.

MARKET PERSPECTIVE

• Mastercard is entering into a major partnership, with PrestaShop representing a major e-commerce solution in Europe and elsewhere. The scheme will therefore be able to rapidly roll out its Click to Pay solution to PrestaShop's many customers.

• The solution is currently expanding rapidly. The major payment players are rushing to offer Click to Pay. In March, Adyen and then Visa launched their functionality, driven by merchant demand for lower abandonment rates.