A recent survey conducted by MasterCard has shown that consumers demand more efficient and secure checkouts when making purchases. Now MasterCard's payment platform will better integrate transactions spanning online, mobile and in-store shopping, with the introduction of PayPass Wallet Services.
Users of PayPass Wallet can log the information up to 25 different credit cards to consolidate payment information, in one safe and secure place. Similar to Google Wallet, PayPass Wallet also incorporates NFC (near field system) technology to where users can "tap" their mobile devices during checkout at over 500,000 stores that have already installed the system. Also, third party vendors can create payment systems under their own brands using MasterCard's system, and shipping information can likewise be stored for easy access.
PayPass Wallet Services is made up of three components:
PayPass Acceptance Network: The PayPass acceptance network includes both online and contactless payments, and gives merchants a consistent way to accept electronics payments across multiple channels. NFC payments can be made in-store by tapping your mobile phone, and a new PayPass online element lets you check out at a retailer by clicking a PayPass button - automatically providing your shipping and payment information to a retailer without having to fill that information out each time you pay.
PayPass Wallet: PayPass wallet enables banks, merchants and partners to white label their own wallets. Consumers can store payment and shipping information in one secure place including American Express, Discover, Visa and other branded credit, debit and prepaid cards.
PayPass API: The PayPass API allows partners to connect their own wallets into the PayPass network, and lets those partners user MasterCard’s check-out, fraud detection and authentication services to allow their customers to make purchases wherever PayPass is accepted.
Ed McLaughlin, chief emerging payments office, MasterCard, states, “We think of MasterCard’s mission as using technology to make payments safer, simpler, smarter and this is just one of the ways we’re progressing against that mission - We realize that when it comes to payments, no single wallet will rule them all. PayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to merchants, banks and consumers."
PayPass Wallet Services will become available to partners in Q3 2012, initially in the U.S., Canada, the U.K. and Australia, with other countries following.