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MasterCard Introduces New Digital Wallet

MasterPass to launch in the United States before the end of spring

By Antonio Perez
Epoch Times Staff
Created: February 25, 2013 Last Updated: February 27, 2013
Related articles: Business » Companies
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MasterCard introduced a new type of digital wallet independent of Google and PayPal at the Mobile World Congress in Barcelona Feb. 25. MasterPass will store credit card and shipping information on a server to enable the customer to check out with one click. (David McNew/Getty Images)

MasterCard introduced a new type of digital wallet independent of Google and PayPal at the Mobile World Congress in Barcelona Feb. 25. MasterPass will store credit card and shipping information on a server to enable the customer to check out with one click. (David McNew/Getty Images)

MasterCard introduced a new type of digital wallet independent of Google and PayPal at the Mobile World Congress in Barcelona Feb. 25. MasterPass will store credit card and shipping information on a server to enable the customer to check out with one click. 

“Every device is becoming a shopping device,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience.”

MasterCard introduced the new system which will be available in Australia and Canada first at the Mobile World Congress in Barcelona Feb. 25. 

In the United States, American Airlines announced it will use the service.

The technology will essentially be an alternative to Google Wallet and PayPal, an electronic solution for credit card payment at participating merchants. Consumers simply enter their credit card and shipping information in a profile that is securely stored by MasterCard. 

When making online purchases at a participating merchant, this information will be submitted automatically after having entered a Master password.

While useful for online shopping, MasterCard envisions the technology to be especially handy for usage with mobile devices. Traditionally, entering shipping or billing information on a smartphone or tablet is much more cumbersome due to the relatively smaller screen.

MasterCard’s retail partners were generally upbeat. “As a digital retail leader, we are keen to be at the forefront of new ways customers can shop with us. With customers rapidly changing their mix of shopping methods, whether internet, mobile device or in store,” said John Walden, Managing Director at U.K. retailer Argos. 

 




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