MasterCard's PayPass Wallet will span online, mobile, in-store shopping
The company will let third parties resell its own service or use its API to build their own
IDG News Service - MasterCard WorldWide announced a digital wallet on Monday that consumers will be able to use for purchases in stores, on the Web and on their mobile phones.
The global credit-card company's entry into digital wallets will tie into its PayPass point-of-sale system, with nearly 500,000 locations around the world where consumers can tap a card or phone with NFC (near-field communications) to make a purchase. But with the new offering, called PayPass Wallet Services, MasterCard will also allow third parties to create payment systems under their own brands.
MasterCard announced the system at an event on Monday evening in New Orleans, the night before the CTIA Wireless trade show begins. In a Tuesday morning keynote speech at the show, the company will also unveil a partnership with Intel to help PC makers build PayPass tap-to-pay hardware into ultrabooks.
To use PayPass Wallet, consumers will sign up and provide information for as many as 25 credit cards, including brands other than MasterCard, plus shipping information. When making an online or mobile purchase, they will be able to choose a card and a shipping destination from among the selections they've entered.
When buying on the Web or a phone, users will tap the PayPass Wallet Services logo and be prompted for a single password. Once that is entered, they will choose a card and shipping site and click to complete the transaction. Using an NFC-equipped phone at an in-store terminal, they will also get that "carousel" of selections, though they will have to choose a card from their list that could be used with the PayPass tap-to-pay system.
What sets MasterCard's offering apart from digital wallet systems announced by Visa, Google, PayPal and others is how much the company is opening up its platform to third parties, said Gartner wireless analyst Mark Hung. Banks and other partners will be able to adopt PayPass Wallet Services in two different ways: They can use MasterCard's own service under their own brand or just use the company's API (application programming interface) to build their own platform. The only sign of MasterCard in partners' offerings will be the company logo built into the PayPass Wallet logo.
Visa's V.Me system, announced last year, also spans online, mobile and in-store purchases, but Visa is holding that offering closer to its chest than MasterCard is, Hung said. That should mean consumers are offered more opportunities to sign up for PayPass Wallet, he said. And compared with PayPal, which is approaching the in-store space from online and mobile by slowly building up a network of point-of-sale devices, MasterCard has a head start in the hardest part of the equation, he said.
- 15 Non-Certified IT Skills Growing in Demand
- How 19 Tech Titans Target Healthcare
- Twitter Suffering From Growing Pains (and Facebook Comparisons)
- Agile Comes to Data Integration
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
- What Datapipe customers need to know about the new PCI DSS 3.0 compliance standard This handy quick reference outlines what PCI DSS 3.0 is, who needs to be compliant and how Alert Logic solutions address the new...
- The 12 PCI DSS 3.0 requirements addressed by Peer 1 Hosting This handy quick reference outlines the 12 PCI DSS 3.0 requirements, who needs to be compliant and how Alert Logic solutions address the...
- Defense Throughout the Vulnerability Life Cycle This whitepaper provides insight into how to leverage threat and log management technologies to protect your IT assets throughout their vulnerability life cycle.
- The Critical Role of Support in Your Enterprise Mobility Management Strategy Most business leaders underestimate the importance of tech support when they choose an EMM solution. Here's what to put on your checklist.
- Live Webcast Best Practices for the Hyperconverged Enterprise Network To the Age of Constant Connectivity and Information overload
- Live Webcast Unmasking the Differences between Consumer and Enterprise File Sync & Share The consumerization of IT combined with the rapid pace of the modern mobile workplace is forcing enterprise IT teams to evaluate file sync...
- Live Webcast Government Agency Webifies Outdated COBOL Applications Let this CTO tell you how his agency converted 1980s-era green screens into an e-filing portal for the 100,000 cases handled each year...
- The New Way to Work Knowledge Vault This Knowledge Vault focuses on how, in today's increasingly virtual world, it's more important than ever to engage deeply with employees, suppliers, partners,...
- Getting Ready for BlackBerry Enterprise Service 10.2 Find out how BlackBerry® Enterprise Service 10 helps organizations address the full spectrum of EMM challenges, while balancing the needs of both the... All Applications White Papers | Webcasts