MasterCard is to launch its own e-wallet service that is aimed at “simplifying” shopping processes and accelerating digital payments.
The new PayPass Wallet is being readied for an official launch later this year and will allow banks and brands to develop their own bespoke e-wallets, while connecting them through an “inclusive” system.
The head of marketing at MasterCard UK, Paul Trueman, said that the service will allow people to use credit and debit cards from a range of financial partners, including American Express, Discover and Visa.
“We’re saying to consumers you can have that wallet from that bank or you can have that wallet from a telco but even if it’s not built on our platform it won’t matter, we’ll still connect it,” he explained. “There needs to be leadership in this area [of payments] and there needs to be clear help to enable consumers to make the most of [these payment technology developments].”
The service will initially be launched in the UK, USA and Canada later this year, with swift development planned for its first 12 months of existence, including account information, real-time alerts and targeted offers to consumers.
Ed McLaughlin, chief emerging payments officer at MasterCard, says: “We realise 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.”