The service is expected to launch later this year and will allow brands and banks to develop bespoke e-wallets. Shoppers will also be able to use credit and debit cards from a raft of banks and financial partners including American Express, Discover and Visa.
Paul Trueman, head of marketing at MasterCard UK and Ireland, says the “inclusive” system has been developed to give brands the opportunity to make their own wallets, but also enable them all to be connected.
He adds: “We’re saying to consumers you can have that wallet from that bank or you can have that wallet from a telco but even if it’s not built on our platform it won’t matter, we’ll still connect it.
“There needs to be leadership in this area [of payments] and there needs to be clear help to enable consumers to make the most of [these payment technology developments].”
MasterCard will launch the service initially in the UK, the US and Canada and plans to add features such as account information, real-time alerts and targeted offers to consumers over the next 12 months.
The service is one part of trio of tools that includes an electronic payment network so that retail partners can accept digital payments made either in-store using NFC or online using tablets, smartphones or PCs.
Users can also store payment and shipping information in the PayPass Wallet, which it says simplifies the purchase process.
Ed McLaughlin, chief emerging payments officer at MasterCard, says: “We realise 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.”
The PayPss Wallet will be supported by a marketing campaign following its launch in the UK and Ireland.