MasterCard teams up with banks to allow in-store mobile payments

MasterCard aims to make in-store mobile payments -- the ability to wave one's phone at a terminal to buy something -- more accessible. The company has teamed up with a number of banks, including Citi and Bank of America, to allow customers to pay for stuff using bank apps on their phones. This means there would be no need to download a dedicated app.

The feature would be enabled through  MasterCard's Masterpass service, which is already available for in-app and online purchases, but now can be used in-stores. Consumers would be able to use it over 5 million in-store locations in 77 countries.

However, the feature would be available on Android phones having built-in NFC chips. iPhone users would be left out as Apple does not allow other companies to use its chip, which already powered a similar service in Apple Pay.

Tech giants like Google helped introduce the concept of mobile payments to the US a few years ago, which last year accounted for $8.7 billion in sales. This  would more than triple in 2016, according to leading media and commerce researcher eMarketer.

According to Mastercard, the ability to provide more information, like balances and rental car coverage, would give Masterpass a slight advantage over more established services like Android Pay.

Meanwhile, MasterCard is rebranding itself as "Mastercard' or even 'mastercard' in some cases.

It may not be possible to see the name in some cases, rather the iconic red and yellow Venn diagram would be seen. But even that logo would look slightly different under the payment company's plan to make its brand digital-first and contemporary.

According to commentators, as it is tough to re-brand or alter an iconic logo, change is far from drastic.

The company would go for solid colors, simple circles, and a lowercase name in its first re-branding for the company in 20 years.

The new design changes would be adopted by all the company's sub-brands starting with Masterpass later this month.