MasterCard Launches PayPass Wallet Services – Forgetting Pin Numbers Just Got Easier

On May 7th, 2012, MasterCard unveiled their new venture, PayPass Wallet Services. This new platform will help merchants and partners receive payment for goods and services in a way that is safer and more convenient for customers to use.

Making The Jump
Using Near Field Communication (NFC)  technology, customers will now be able to securely pay for goods without having to take out or enter in their credit card information online. PayPass can be used online with a simple click of the mouse, or by tapping on any mobile device. MasterCard is also allowing third parties to create payment systems under their own brand. The idea is to grab a bigger slice of the pie by building a platform rather than keeping a closed environment.

Ed McLaughlin, chief emerging payments officer at MasterCard, noted that “no single wallet will rule them all. PayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to merchants, banks and consumers.” 

Standing In The V.I.P. Section
American Airlines and bookseller Barnes & Noble will be one of the first merchants to incorporate the PayPass online checkout option on their websites. American Airlines will go a step further by adding PayPass wallet into their mobile app. Other key players include Newegg, Runningshoes.com, TigerDirect.com, Citibank and The National Bank of Canada.

During the third quarter of 2012, MasterCard will make the PayPass Wallet Services available in the U.S., Canada, U.K. and Australia. Eventually everyone else will be invited to the party, and over time the service will be expanded to point of sale terminals. This will allow for features like, spending controls and real-time alerts, delivery of targeted offers, coupons and loyalty programs.

“By integrating PayPass into our mobile app, payment transactions become fast and easy and provide the security you would expect from a brand like MasterCard.” said managing director of Interactive Marketing at American Airlines, Richard Elieson.

Everyone from Groupon to CardSpring is trying to get their hands in the cookie jar when it comes to consumer spending. Approaching this market from a single direction and thinking you’ll be crowned the new king might be somewhat ambitious, so McLaughlin may just have the right attitude to make this new venture work out in MasterCard’s favor.

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