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MasterCard is betting big on mobile payments replacing credit cards and is making moves to stay on solid footing in the mobile payment space.
“What we really see all of this leading to, is not only a world beyond cash, but also a world beyond plastic, optimized for a digital world. We can use all of these smart devices seamlessly,” said Ed McLaughlin, chief emerging payments officer of MasterCard, at CTIA Monday.
Its latest mobile payment solution, known as PayPass Wallet Services, offers three new components to streamline transactions: PayPass Acceptance Network, PayPass Wallet and PayPass API.
PayPass Acceptance allows for contactless payments using Near Field Communication (NFC) technology either at point of sale or online using a computer, tablet or smartphone.
NFC is the technology that enables smartphones and other devices to establish a radio connection by touching them together allowing the devices to share information.
PayPass Wallet works like an e-wallet, allowing consumers to store payment and shipping information in the same place on their phone, and allows for multiple cards to be saved in the wallet. Consumers can also store credit cards besides Mastercard — including American Express , Visa and Discover .
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