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MasterCard PayPass Wallet Service Announced

Business & GovernmentNews
by Darren Allan, 08 May 2012News

MasterCard is readying its own digital wallet service, for deployment later on this year.

PayPass Wallet Services (PWS) joins the growing collection of schemes, including offerings from Visa and indeed Google (the latter of which sees MasterCard as a key partner).

Anyone will be able to sign up to PWS, and store any of their credit cards in their virtual wallet, which will encompass online and eventually contactless payments.

Ed Olebe, senior VP of MasterCard's e-commerce product development, commented: "Our strategy isn't to go with a single wallet. Our strategy is a network of wallets that interconnect."

To begin with, the system will emerge as a payment icon on websites, allowing simple online payments via a single click and password entry. American Airlines and Barnes & Noble have already signed up for the one-click purchasing system on their sites, with more companies expected to follow.

Olebe noted: "We're trying to enable differentiation and wallet competition so consumers can get better products, without adding complexity to merchants and consumers without an additional checkout button."

The company is then likely to look towards smartphone payments using NFC technology, with its own app; a move that could potentially see it lock horns with Google Wallet. Olebe assures folks that PWS won't present a problem when it comes to the firm's deal with Google, however.

He said: "We're still thrilled with the partnership with Google. Google isn't our one answer; there are other things we can do."

PayPass Wallet Services will be rolling out in the third quarter in the UK, US, Australia and Canada.

Source: CNET

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