MasterCard to Launch Wallet for Online Payments 

May 10, 2012

MasterCard this week launched an online and mobile payment service it says will make purchasing simpler for consumers and increase conversion for merchants. The card network’s PayPass Wallet Services comprise components that enable online or contactless in-store purchases with a linked payment card and an API that allows partners to connect their own digital wallets into the PayPass Acceptance Network, leveraging MasterCard’s checkout, fraud-detection and authentication services.

“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,” says Ed McLaughlin, chief emerging payments officer for MasterCard. “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.”

The first merchants that have agreed to put a PayPass Online checkout button on their e-commerce Websites are American Airlines and Barnes & Noble. American will also integrate the capability into its mobile app, enabling PayPass Wallet purchases on tablets and smartphones. The service will be available in the third quarter of this year at those and other merchants in the U.S., Canada, U.K. and Australia with other markets coming online later.