Mastercard and CrediMax, a credit card issuer in the Kingdom of Bahrain, have teamed up to launch a payment solution powered by Mastercard Gateway. Dubbed Click to Pay, the new checkout solution enables users to complete purchases across various devices. It promises to save time and reduce the likelihood of errors by eliminating the need for manual password entry.
Enhancing Security Measures
CrediMax has implemented encryption and tokenization technologies to safeguard customer data and boost security in online transactions. With these security measures, the company aims to ensure the safety of consumers' personal and financial information in every transaction.
Ahmed Seyadi, CrediMax's Chief Executive Officer, said: "CrediMax is thrilled to be at the forefront of technological innovation by introducing Click to Pay to the market. We understand some of the challenges cardholders face during the checkout process, and our goal is to provide them with a simple, secure, and efficient solution."
Recently, the global digital payment firm Checkout.com partnered with Mastercard to enhance online travel payments by reducing costs for travel enterprises. Checkout.com's customers are poised to benefit from the introduction of virtual cards under the Mastercard Wholesale Program. This move is geared towards enhancing efficiency in payments, ultimately leading to higher conversion rates for customers.
This partnership enables travel agents to mitigate inefficiencies and errors, ensuring a seamless transition in customer payments and supplier remittances. The collaboration underscored Mastercard's dedication to supporting the adoption of new payment solutions in B2B travel.
Other Developments
Meanwhile, the National Retail Federation (NRF) recently objected to a settlement between Visa, Mastercard, and merchants, criticizing it as inadequate to address long-standing grievances. The settlement aimed to resolve a dispute spanning nearly two decades involving allegations of overcharging merchants during credit card transactions.
However, NRF perceives the proposed relief as "meager and temporary," with concerns over fairness and lasting impact. The federation deems the proposed reduction in interchange rates by four basis points for three years and overall average rates by seven basis points for five years inadequate.
