MasterPass is a new shopping solution that allows people to make purchases with any device without having to pull out a physical credit card.
MasterCard has introduced a digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences online, in-store, or on the go. MasterPass enables consumers to make payments quickly and easily from wherever they are.
In stores, shoppers can scan a QR code, barcode, or use NFC to purchase an item. Once it is scanned, the payment system appears on their mobile device and customers can enter their information or sign in to have their credit card information pulled from the cloud. They can then show their digital receipt to sales people on their way out of the store.
For online purchases, MasterPass provides shoppers a simple check-out process by eliminating the need to enter detailed shipping and card information with every purchase. MasterPass-connected wallets enable consumers to securely store card information, address books and more in a secure cloud. Ed McLaughlin, chief emerging payments officer at MasterCard, said:
Every device is becoming a shopping device. 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.
MasterPass is the evolution of PayPass Wallet Services and consumers will be able to sign up for the service through financial institutions as it rolls out worldwide during 2013.