Tags: credit cards, Mastercard, mobile payment, paypass, prepaid cards

Mastercard is to launch a new payment service this autumn, incorporating a number of different payment methods, the card company has announced.

Dubbed Mastercard PayPass Wallet Services, the service will allow consumers to make purchases in-store with their mobile phones, or over the internet

The new service is due to launch in the UK, USA, Canada and Australia in the third quarter of this year, with other countries added in the future.

Mastercard has said that PayPass Wallet Services will incorporate three factions. Firstly, the acceptance network for consumers to pay easily and quickly either in-store on online; secondly, the wallet itself – allowing banks to create their own wallets.

The final component is what sets the Mastercard wallet apart from similar payment systems such as V. me from Visa. In a unique feature, PayPass Wallet Services will allow third parties to create payments systems under their own brand.

“We realise that when it comes to payments, no single wallet will rule them all,” said Ed McLaughlin, chief emerging payments officer at Mastercard.

“PayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to merchants, banks and consumers,” he added.

In terms of benefits to the consumer, Mastercard is focusing on the ‘one-click payment’ feature. This means that, whether it’s via the internet or in a shop, payments will be quick and easy.

Mastercard has said that consumers will be able to save up to 25 credit cards – including brands other than Mastercard – on PayPass Wallet.

They will also be able to save shipping information with each card, meaning that when they are buying online they’ll be able to enter one password and choose from the information stored.

With half a million payment points for NFC-enabled to smartphones around the world, consumers will also have choice when it comes to buying in-store. As with online payments, customers will be able to select a credit card from those saved in the system.

“Consumers are looking to pay for goods when, how and where they choose,” said Mr McLaughlin.

“Merchants want flexibility to easily accept digital payments so they can convert more browsers to buyers both online and in store,” he added.

Mastercard has also said that the PayPass Wallet Service will have all the existing security measures the company has in place. If you are concerned about fraud, investing in a prepaid credit card could be right for you.

A prepaid credit card works in much the same way as a normal credit card, but it is not tied to a specific bank account – making theft or fraud much harder for criminals.