The 2nd installment of the our monthly feature on the future of payments. Eric wrote a great blog about the RFID chip and “in store” contactless payments. But there is more to this story. As consumers are increasingly using connected devices—computers, tablets, and smart phones—to make purchases, did you know that MasterCard offers PayPass online? I did a little research on MasterCard’s, PayPass Wallet and thought I’d share it with you. I’m curious to see if you know about this feature and if you have or will use it.
What is PayPass Wallet and how does it work?
PayPass Wallet allows you to digitally store all of your payment information (including MasterCard and other brands) along with billing and shipping addresses, in one convenient and secure place. Once you register your information you can use it any time you’re online and see the PayPass symbol.
Here’s a quick breakdown of how it works
- Once you’re finished shopping and go to the merchant’s online checkout, you will see PayPass as a payment option.
- Select the PayPass button and log in to your “digital wallet.
- There you can either accept your default payment method and shipping address or select another option from your digital wallet.
- MasterCard will then securely pass your payment and shipping information back to the merchant’s site.
- Then you’re returned to the merchant’s website to confirm your purchase.
Now you can say goodbye to entering your credit card info, billing and shipping addresses over and over again.
Soon, there will be a mobile app and you will be able to make purchases with your NFC-enabled phone (near field communication) wherever you see PayPass at the point of sale.
If you want to learn more about PayPass feel free to take a look at MasterCard’s web site: http://www.mastercard.us/paypass.html#/home/
Global remote payments made with mobile phones are expected to grow 58% annually from 2012 to 2016, when they are projected to reach $266 billion.*
*Estimated Gross Dollar Volume. Source: Glenbrook, internal data/financials, Gartner April 2010, IEMR, analyst reports, Boston Consulting Group analysis, 2011.
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