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MasterCard Offers Digital PayPass Wallet Services

Global payments and technology company MasterCard (NYSE:MA) has announced 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 or online by allowing them to securely pay with a simple click of the mouse, touch of the tablet screen or tap of the smartphone.

PayPass Wallet Services delivers three distinct components — PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API. These services enable a consistent shopping experience no matter where and how consumers shop, as well as a suite of digital wallet services, and developer tools to make it easier to connect other wallets into the PayPass Online acceptance network.

Meanwhile, VeriFone Systems (NYSE: PAY) has introduced SAIL by VeriFone, a payment-as-a-service platform that provides business owners and merchants a new way to accept payments. (Read: New Payment-as-a-Service Platform for Businesses)

“Consumers are looking to pay for goods when, how and where they choose. Merchants want flexibility to easily accept digital payments so they can convert more browsers to buyers both online and in store,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “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.”

[ Also Read: NFC Enables Mobile Payments for Parking Spaces ]

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 and, subsequently, will include other countries.

It will be expanded to the point of sale over time to create an end-to-end shopping experience for consumers providing additional value-added services such as: at-a-glance account information before making a purchase; spending controls and alerts received in real time; and delivery of targeted offers, coupons and enhanced loyalty programs.

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