Reuters reports that Mastercard yesterday "unveiled its bid to dominate the mobile payments market ... 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 ... Mastercard said its MasterPass service, effectively an app, would let customers pay for their goods without approaching a cashier by instead scanning a bar code 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."
The system is being rolled out in Canada and Australia, with plans to bring it to the US later this spring. It signifies Mastercard's desire - similar to that at places like Google and eBay - "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," Reuters writes.
"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."
The system is being rolled out in Canada and Australia, with plans to bring it to the US later this spring. It signifies Mastercard's desire - similar to that at places like Google and eBay - "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," Reuters writes.
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