MasterCard unveiled PayPass Wallet Services, a new global offering for banks, merchants and partners that will make it faster and easier for their customers to make purchases in stores and/or online.
The solution consists of three distinct components, including PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API. The first component provides a globally consistent way to help merchants accept electronic payments across multiple channels whether the purchase is made in a store at the point of sale with NFC technology or online. PayPass Wallet on the other hand enables banks, merchants and partners to white label their own wallets, allowing consumers to store payment and shipping information in one place (i.e. like an Amazon account). Finally, PayPass API makes sure MasterCard partners can connect their own digital wallets into the PayPass Acceptance Network and allow their customers to make purchases wherever PayPass is accepted.
Among the first merchants to jump on-board are American Airlines and Barnes & Noble, both of which will incorporate the PayPass Online checkout button on their websites, while American will also integrate PayPass Wallet into its mobile application. A number of other financial institutions, merchants and technology partners also committed to join the scheme.
When it comes to availability, MasterCard will make PayPass Wallet Services available to partners in Q3 2012, initially in the U.S., Canada, U.K. and Australia and, subsequently, will include other countries. The service will be expanded to the point of sale over time.