MasterCard has unveiled its own suite of digital wallet technology, MasterPass, which unifies multiple payment methods, from plastic cards to digital wallets, for simplified transactions for merchants and customers.
MasterPass is the evolution of MasterCard’s PayPass Wallet Services, which was launched in May 2012. It allows users to securely store a range of card/account information and shipping addresses in a digital wallet.
The suite is comprised of three services: checkout services, connected wallet, and value added services.
MasterPass checkout services are designed to provide merchants with a consistent way to accept electronic payments. For in-store scenarios, the service supports the use of NFC, QR codes, tags, mobile devices used at points of sale, or traditional plastic cards. Online, MasterPass works somewhat like PayPal, eliminating the need to input personal details for each transaction.
Connected wallet enables banks, merchants, and partners to offer their own wallets. This means customers can store information with specific entities. In addition, the wallet is open so consumers can use other branded credit, debit and prepaid cards in addition to MasterCard’s.
The MasterPass value added services include additional information, such as account balances and real-time alerts, loyalty programs, as well as offers and experiences, aimed to add to the shopping experience.
Partners already working with MasterCard on MasterPass include Westpac, Commonwealth bank, NAB, ME Bank, JB Hi-Fi, AHL, Harvey Norman, Roses Only, Merchant Warrior, and Paycorp.
MasterPass is scheduled to launch first in Australia in March.