At the CTIA conference in New Orleans on Monday evening, MasterCard unveiled its digital plans by announcing its own digital wallet - the PayPass Wallet Services, which is fairly akin to most of the existing digital wallet services including PayPal's Wallet, and the Google Wallet, among a horde of others.
Marking MasterCard's foray into the digital wallet arena, the PayPass Wallet Services announced by the global credit card company essentially tie into a PayPass point-of-sale system, which - with almost 500,000 locations worldwide - will allow the consumers to make a purchase by merely tapping a card or a handset with NFC (near-field communications).
MasterCard's PayPass Wallet Services will chiefly have three components: the PayPass Acceptance Network comprising PayPass Online and the company's currently-available contactless payments service; PayPass Wallet, a secure digital location for storing credit cards, bank cards, and other such things; and PayPass API which will facilitate the connectivity of the MasterCard partners to the PayPass network.
Though the PayPass Wallet will initially help consumers make purchases, its functionality will ultimately be extended to offer several other features, such as a peek at the product details before making a purchase; the ability to set up spending alerts and controls; and eligibility for coupons and targeted offers.
The PayPass Wallet Services will become available to the MasterCard partners in the third quarter of this year; with the company's digital wallet to be first launched in the US, Canada, the UK, and Australia.