MasterCard has announced a new digital payment service called PayPass Wallet Services. It’ll enable MasterCard’s banking partners to create their own digital wallets for online shopping - with consumers able to add any credit, debit and prepaid cards - and will also offer in-store NFC payments using compatible mobile phones. In addition, retailers will be able to include MasterCard’s check-out, fraud detection and authentication services into their own internet-connected transaction systems.
PayPass Wallet Services will be available to MasterCard partners from third quarter of 2012 in the UK, the USA, Canada and Australia. Other countries will be added in the future, along with additional services such as spending controls, loyalty schemes and targeted offers.
Ed McLaughlin, chief emerging payments officer at MasterCard, said “Consumers are looking to pay for goods when, how and where they choose. Merchants want flexibility to easily accept digital payments so they can convert more browsers to buyers both online and in store. 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.”