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Mastercard To Launch Paypass Wallet
http://corp.fishercapitalmanagement-corporatenews.com/2012/05/29/mastercard-to-launch-paypass-wallet/
MasterCard has announced its PayPall Wallet Services, its digital wallet program that allows partner merchants and cardholders to securely pay using phones or the web for free.
The PayPass Wallet consists of 3 components: the Acceptance Network (PayPass Online) which is responsible for electronic payments, the PayPass Wallet itself where bank information is securely stored, and the PayPass API which allows third-party entities to connect to the network.
PayPass Wallet aims to give a customer convenience, both online and in physical stores, through providing a place for a comprehensive storage of payment details. This means that if you're going to buy something in-store, you just have to tap your digital wallet and the transaction will be complete. In the case of online purchase, you only have to click on a button -- no need to manually fill out information again and again. It will eventually expand to offer features on spending alerts, coupons and discounts.
Mastercard and Visa have both announced the launch of a mobile wallet that can also be used in points-of-sale aside from websites. PayPass Online will be the storage for digital credentials in the wallet. Ideally, PayPass can enable one-click shopping similar to Amazon's scheme.
"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. 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."
PayPass is basically a suite of technologies that supports point-of-sale purchases using NFC, a tap and go system that is also utilized by Google. It can be used where merchants have the PayPass button. A number of merchants have already signed up to use PayPass system including Barnes & Noble, American Airlines, Fisher Capital Management Corporate Latest News, TigerDirect, Newegg and JB Hi-Fi among others.
A user only has to provide shipping and payment information and never has to type those details again. Making purchases online will just be as easy as clicking the PayPass Wallet button and you're details will be provided.
For those anxious of security implications of this new scheme, Mastercard assures clients that it implements multi-tiered security and identity verification features.
This so-called digital wallet will also work for all debit and credit cards from Amex, Visa and Diners Club. In addition, Visa and Mastercard plan to shift US clients onto the EMV standard, a chip-and-PIN technology by next year.
A developer API will also be released aside from the PayPass Wallet in order to let systems be integrated in websites and mobile apps, providing links to Mastercard's authentication services and check-out.
Mastercard is set to launch the PayPass Wallet Services this year in UK, Canada, Australia and US ahead of Visa's V.me wallet rollout in Europe. A mobile app of PayPass is also planned for Android and iPhone devices according to Fisher Capital Management Corporate Latest News.
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