MasterCard announced PayPass Wallet Services , a new global offering that makes it easier and faster for customers to make purchases in stores and online, by allowing those purchases to be made with a single click or tap.
PayPass Wallet Services has three components: PayPass Acceptance Network, PayPass Wallet and PayPass API which together are designed to streamline your shopping experience no matter how you shop.
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.
MasterCard will make PayPass Wallet Services available to partners in the third quarter of 2012, initially in the U.S., Canada, U.K. and Australia later including other countries.
MasterCard’s first partners for the project include big names like American Airlines and Barnes & Noble. American will be integrating the PayPass Wallet into its mobile application, and Barnes & Noble will be including the PayPass online checkout button on its website.
What do you think about MasterCard’s new PayPass Wallet services?
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