Mastercard launches 'Paypass Wallet' platform

Posted by Mark Raby

Mastercard is hoping to define what it means to be a payment solutions provider in the 21st century.

The company has announced a new suite of features called Paypass Wallet Services. It's one big platform that aims to not only save you time when checking out online, it also wants to become the #1 solution when it comes to paying at a physical store location.

But that latter part will come a bit later. For now, Mastercard is much closer to bringing its online checkout system to reality.

Called Paypass Online, what Mastercard has built is a system wherein you don't need to fill out long and cumbersome forms when you make an online purchase. All you'll need is to log into your universal Paypass Online account.

In other words, it's just like the alternative online checkout platforms that already exist - online merchants are already able to let customers checkout with their Paypal, Google Wallet, or Amazon account, which lets them bypass all of those cumbersome forms.

"We realize 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," Mastercard said in a statement.

The company has already signed on Barnes & Noble to bring the online Paypass system to bn.com and it is working to bring other merchants to its side.

In the future, what Mastercard hopes is that users will not only start using its online payment platform (which lets you use any credit card, not just a Mastercard), but also its contactless payment option in stores. But more details about that will come at a later time.