MasterCard introduces Wallet Services in Paypass

Mastercard has unveiled Wallet services for Paypass (its contactless payments service). The roll out is the company’s attempt to bundle together in-store NFC purchases, online purchases, and an API that will allow partners to create their own wallets using MasterCard’s infrastructure.

One of the salient features of the wallet is that, it not only store purchasing information, but shipping addresses as well.

Another important virtue of the wallet is that it is OPEN. That’s customers will be able to use other cards – like Visa, Amex, Discover – with the platform.

Ensuring that a customer has more places to use the wallet service, Mastercard has roped in Partners in the project, which include big names like American Airlines, Barnes and Noble, MLB, Citibank and The National Bank of Canada.

This is what Ed McLaughlin, chief emerging payments officer at MasterCard has to say about the Paypass Wallet Service,

“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,”

With smart-device adoption fast exploding not only in developed countires (in US 50 percent population has access to smartphones), but also in developing countries (like India), the adoption of mobile payments in the future is becoming a foregone conclusion. By building a platform, rather than just a simple service, Mastercard might be able to capture a larger slice of the mobile payment market.

PayPass Wallet Services has three components, which aim at streamlining streamline a user’s shopping experience no matter where he/she shops:

1) PayPass Acceptance Network: Includes both online and contactless payments, and gives merchants a consistent way to accept electronics payments across multiple channels. NFC(Near Field connectivity) payments can be made in-store by simply tapping on them mobile device. A new PayPass online element lets a customer 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.

2) 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.

3) 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.

When will the MasterCard will the Mastercard Wallet Services for Paypass be available?

PayPass Wallet Services available to partners in the third quarter of 2012(October-December 2012), initially in the U.S., Canada, U.K. and Australia later including other countries.

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MasterCard introduces Wallet Services in Paypass

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