MasterCard has announced a new global offering for banks, merchants and partner companies which it claims will simplify the online shopping experience, potentially benefiting small businesses selling things on the internet and using parcel delivery services.
PayPass Wallet Services - which will also be available for in-store shopping - is designed to make it faster and easier for customers to make purchases and complete secure payments with a single click of a mouse or tap of a smartphone.
The product encompasses three distinct components designed to provide a consistent experience, regardless of where and how customers shop.
MasterCard will make PayPass Wallet Services available to partners in the US, Canada, the UK and Australia in the third quarter of 2012 before extending the offering to other countries.
American Airlines and bookseller Barnes & Noble will be among the first companies to add the PayPass Online checkout button to their websites.
The airline will also incorporate the PayPass Wallet feature into its mobile application.
Ed McLaughlin, chief emerging payments officer at MasterCard, said the new service will cater for consumers who want to pay for items when, how and where they choose, as well as sellers looking for a flexible way to accept digital payments in order to convert more browsers into buyers.
He added: "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."
Commenting on the current situation in retail, Marc Parrish of Barnes & Noble said the sector is at a "pivotal point" following the explosion in smartphone adoption.
He noted that the development of technology allowing consumers to use their phones and mobile devices to make instant payments at the point of sale has already started to make a difference in the industry.
Author: Adrian Medland