MasterCard Aims at Mobile Payment Market with Launch of 'Digital Wallet' Laura Noonan - Reuters
go to original February 25, 2013

MasterCard is making digital payments more seamless and secure with MasterPass from any device, anywhere for one simple experience. As consumers are becoming more connected, the digital world has transformed shopping; making every device a shopping device. (MasterCardWorldwide)

Mastercard unveiled its bid to dominate the mobile payments market on Monday with a 'virtual wallet' allowing customers to keep personal payment details in their phone and avoid checkouts by scanning bar codes in-store to pay.

Financial services companies like the U.S. credit-card company as well as technology names Google and eBay Inc's PayPal are looking for ways to capitalize on the prevalence of consumers' sophisticated phones by providing programs that house credit and debit cards, coupons and store loyalty program details virtually.

MasterCard said its MasterPass service, effectively an app, would let customers pay for their goods without approaching a cashier by instead scanning a barcode and creating a digital receipt on their phone or tablet that can be shown as they exit the store.

It can also be used for easier online payments, allowing customers a "one click" way to pay without the hassle of having to input their credit or debit card details each time.

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