What is paypass wallet

Vows of openness MasterCard plans to push this to as many partners as possible. The company plans to distribute its application programming interface, or API, to partners looking to plug their own wallet into the network.

That means banks and merchants looking to take advantage of the PayPass capabilities can easily do so. Those capabilities include checkout, fraud detection, and authentication services, as well as the ability to handle a purchase made wherever PayPass is already accepted.

After the initial roll out, the company plans to add other services including a quick view of account information during purchase, spending controls and real-time alerts, delivery of targeted offers, coupons and other loyalty programs, something other companies such as Google are trying to deliver.

Olebe acknowledged that it's unlikely that Google Wallet or even Isis, the carrier's mobile-payment joint venture, would try to work with MasterCard, but he said the option is out there. Be respectful, keep it civil and stay on topic. We delete comments that violate our policy , which we encourage you to read. Discussion threads can be closed at any time at our discretion.

MasterCard jumps into mobile payments with own digital wallet MasterCard's PayPass wallet will start with online purchases before moving to the physical world. Gartner's Hung thinks digital wallet adoption has been constrained by the weak economy but will show significant growth over the next few years. Yet he cautioned that traditional credit-card purchases will still far outnumber digital wallet purchases in five years.

Follow Stephen on Twitter at sdlawsonmedia. Stephen Lawson is a senior U. Here are the latest Insider stories. More Insider Sign Out. Sign In Register. Sign Out Sign In Register. Latest Insider. The system sounds like Amazon's "One-Click Buy" extended to other sites, or like PayPal — you have a single, secure login in MasterCard's system, and can use it to shop on any site.

The system accepts any kind of card, and also integrates with an NFC-enabled cell phone. MasterCard reps demoed the new tools using a Samsung Galaxy S II, as we took "a journey to London" all from within our hotel conference room. They showed off paying for a flight using the PayPass Wallet, which shows a virtual credit card as soon as you log in — you can save more than one card, and quickly switch which one is in use.

Another entry of the same password, through the same process — this time with a shipping address — and we'd bought the ebook reader. We paid for a taxi with an NFC-enabled phone hooked into our PayPass account, and after a couple of minutes and several hundred dollars we'd bought everything we'd need using the same device.

It's a clever system, and with MasterCard's weight behind should immediately be adopted widely. The company said PayPass is now in , locations in 41 countries, a 40 percent growth in the last year. It makes online shopping safe and easy by allowing consumers to store payment and shipping information in one, convenient and secure place. The wallet is open, which means that consumers can use American Express, Discover, Visa and other branded credit, debit and prepaid cards.

Print Page Tags: consumer research , contactless payments , mCommerce , mobile payments , nfc , shopping. Email Alerts Email Address:. I agree that Mastercard International and its affiliates may use my contact details to send me the following communications from the Mastercard Newsroom:.

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