May 3, 2018
After years of development, the major card networks may be abandoning separate digital wallets for online shopping in favor of joining forces to compete with PayPal for checkout page real estate. At a recent payments industry conference, representatives of Visa and Mastercard told the audience the companies are working together on a buy button that would eventually replace Visa Checkout and Mastercard Masterpass, their current digital payment initiatives.
Adoption of Visa Checkout and Masterpass has lagged way behind PayPal and even Apple Pay. Nearly 60 percent of merchants said they accepted PayPal last year, compared with only 26 percent for Visa Checkout, 16 percent that accept Masterpass and nine percent for AmEx Express Checkout, according to a recent report. American Express and Discover also released statements that they would join the effort for a unified buy button as well.