MasterCard unveiled PayPass Wallet Services for banks, merchants, and partners that lets customers make purchases in-store or online by allowing secure payments with a 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 PayPassContactless), PayPass Wallet, and PayPass API. These enable a consistent shopping experience no matter where or 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.

“Consumers are looking to pay for goods when, how, and where they choose,” says Ed McLaughlin, chief emerging payments officer, MasterCard. “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 Wallet Services includes:

•    PayPass Acceptance Network (PayPass Online and PayPass Contactless)—Provides a globally consistent way to help merchants accept electronic payments across multiple channels, whether the purchase is made in a store at the point of sale with Near Field Communication technology, or online using a computer, tablet, or smartphone. PayPass Online also provides consumers with a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase.

 

 

•    PayPass Wallet—A full suite of digital wallet solutions enabling banks, merchants, and partners to white label their own wallets. It makes online shopping safe and easy by allowing consumers to store payment and shipping information in one secure 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 wherever PayPass is accepted—online and in store.

MasterCard will make PayPass Wallet Services available to partners in the third quarter of 2012, initially in the United States, Canada, United Kingdom, and Australia, and, subsequently, in other countries. PayPass Wallet Services 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.

Financial institutions working with MasterCard to support the launch of PayPass Wallet Services include: Banesto, Bank of Montreal, Commonwealth Bank, Citibank, Fifth Third Bank, Grupo Banco Popular, Grupo BBVA, Intesa Sanpaolo, Metro Bank, National Bank of Canada, RBS Citizens Financial Group, SEB Kort AB Sweden, Sovereign Bank, Swedbank Sweden, and Westpac.

 

 

[This article was posted on May 15, 2012, on the website of ABA Banking Journal, www.ababj.com.]    

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