May 11 , 2011
MasterCard Unveils PayPass Wallet Services
NEW ORLEANS-- Payments and technology company MasterCard has launched PayPass Wallet Services, a digital payments platform and suite of services for banks, merchants and partners.
The service, which is to be available in the third quarter of 2012, is made up of three components: PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API.
PayPass Acceptance Network (PayPass Online and PayPass Contactless) enables merchants to accept electronic payments across multiple channels whether the purchase is made in a store at the point of sale with Near Field Communication (NFC) technology or online using a computer, tablet or smartphone. PayPass Online simplifies the check-out process by eliminating the need for consumers to enter detailed shipping and card information with every purchase.
PayPass Wallet enables banks, merchants and partners to white label their own wallets. It also allows consumers to store payment and shipping information in one place. The wallet is open, which means that consumers can use American Express, Discover, Visa and other branded credit, debit and prepaid cards.
PayPass API allows partners to connect their own digital wallets into the PayPass Acceptance Network, leveraging MasterCard's check-out, fraud detection and authentication services and enabling their customers to make purchases both online and in store where PayPass is accepted.
U.S. airline company American Airlines and bookseller Barnes & Noble will be among the first merchant partners to incorporate the PayPass Online checkout button on their websites, and American will integrate PayPass Wallet into its mobile application.
PayPass Wallet Services will initially be available to partners in the U.S., Canada, U.K. and Australia.