MasterCard Debuts New Digital Payment Offering
NEW ORLEANS -- MasterCard is stepping up its game in digital payments with the introduction of PayPass Wallet Services. The new global offering for banks, merchants and partners is intended to make it faster and easier for customers to complete purchases in stores or online by allowing them to securely pay with a click of their mouse, touch of their tablet screen or a tap of their smartphone.
PayPass Wallet Services delivers three distinct components: PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPassAPI. These services enable a consistent shopping experience no matter where or how consumers shop, as well as a suite of digital wallet services and developer tools to make it easier to connect other wallets into the PayPass Online acceptance network, according to the company's announcement.
MasterCard unveiled the new offering this week at CTIA, the Wireless Technology Association convention.
"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," said Ed McLaughlin, chief emerging payments officer, MasterCard. "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 be available to partners in the third quarter of this year -- beginning in the United States, Canada, United Kingdom and Australia. MasterCard said it will subsequently roll it out to other countries.
PayPass Wallet Services also will be expanded to the point-of-sale over time to create an end-to-end shopping experience for consumers, providing additional value-added services such as at-a-glance account information before making a purchase; spending controls and alerts received in real time; and delivery of targeted offers, coupons and enhanced loyalty programs, the company added.