MasterCard has announced PayPass Wallet Services, a new global offering for banks, merchants and partners that will enable customers to make purchases in stores or online using a smart phone or tablet.
PayPass Wallet Services includes three distinct components: PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API.
PayPass Acceptance Network allows merchants to accept electronic payments across multiple channels, including in-store NFC mobile payments or online payments using a computer, tablet or smart phone. PayPass Online also simplifies the check-out process by eliminating the need to enter detailed shipping and card information with every purchase.
PayPass Wallet is a full suite of digital wallet solutions that enable banks, merchants and partners to white label their own wallets. According to MasterCard, the wallet is open, which means that consumers can use American Express, Discover, Visa and other branded credit, debit and prepaid cards.
PayPass API enables 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 contactless payments are accepted – online and in store.
Additionally, MasterCard plans to expand PayPass Wallet Services to incorporate 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.
MasterCard will make PayPass Wallet Services available to partners in the third quarter of 2012, starting in the U.S., Canada, U.K. and Australia before expanding to other markets.
American Airlines and 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.
“We realize that when it comes to payments, no single wallet will rule them all,” added Ed McLaughlin, MasterCard’s chief emerging payments officer. “MasterCardPayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to merchants, banks and consumers.”
Financial institutions, merchants and technology partners that are working with MasterCard to support the launch of PayPass Wallet Services include:
Financial institutions: Banesto, Bank of Montreal, Commonwealth Bank, Citibank, EURO6000, Fifth Third Bank, Grupo Banco Popular, Grupo BBVA, ICBA, Intesa Sanpaolo, Metro Bank, National Bank of Canada, PSCU, RBS Citizens Financial Group, SEB Kort AB Sweden, Sovereign Bank, Swedbank Sweden and Westpac.
Merchants: American Airlines, Barnes & Noble, Jagex, JB Hi-Fi, MLB Advanced Media (MLB.com), Newegg, Runningshoes.com, TigerDirect.com and Wine Enthusiast Companies.
Technology partners: Apriva, Bango, Beanstream, CardinalCommerce, C-SAM, Digital River, Intel, Kony Solutions, Inc., Local Offer Network, mFoundry, Moneris Solutions, Ogone Payment Services, Sage Pay, SIA and Vantiv.