MasterCard unveils PayPass digital wallet

MasterCard is to launch a new digital wallet service, which it claims will offer consumers and merchants a "faster and easier" payment system.

MasterCard: to launch PayPass digital wallet service
MasterCard: to launch PayPass digital wallet service

MasterCard will debut PayPass in the UK, US, Canada and Australia in the third quarter, with a further global roll-out in 2013. The service will include in-store contactless payment technology and a mobile and online checkout button, which brands can use on their e-commerce websites.

Several companies, including most recently O2 last month, have recently unveiled "wallet" services. MasterCard claims partners will be able to integrate their wallets into the PayPass infrastructure, with the aim to provide a single platform for new payment technology.

The brand is also encouraging the developer community to create new payment technologies using PayPass, which it hopes in time to develop as the ‘app store’ of the payment industry.

Marion King, MasterCard UK and Ireland president, said: "The current situation with digital wallets can be confusing for consumers, with lots of cards and mechanisms, and so we want to join it up and open up the eco-system. It is essential we make digital payment as easy as 'chip and pin'."

According to King, the service will be marketed around the concept of "simplicity" and a consistent buying experience. PayPass will be promoted with a combination of marketing from MasterCard, as well as by partner retailers and banks.

The first partner brands for PayPass include American Airlines and Barnes & Noble, while in the UK, PayPass services will be rolled out by Metro Bank.

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