MasterCard and Everything Everywhere to launch joint digital wallet service

MasterCard will work with mobile operator Everything Everywhere to develop mobile and digital payment solutions.

Initially, customers will be able to make payments using mobile devices that have NFC functionality, allowing them  to make contactless payments at more than 100,000 retailers in the UK.

The two companies stated they would eventually focus on other areas of development including person-to-person money transfers, loyalty rewards schemes and digital payment services allowing consumers to have the same shopping experience for payment in-store, online or using their mobile device.

MasterCard and Everything Everywhere will also develop services that allow SMEs to accept payments using mobile devices, with further details to be announced later this year.

The two firms have an existing relationship, having worked together for Orange's Quick Tap platform, which allowed Barclaycard customers to use NFC technology to make payments.

The news is bound to intensify the ongoing battle for a share of the digiatl wallet market with competing providers holding different views on the technology that best suits consumers in making payments.

It is not yet clear, if or how the news could affect Everything Everywhere's joint venture with Vodafone and O2. The project,  dubbed Project Oscar, was set up by the three companies last year but has stalled while the European Commission (EC) carries out an investigation into the tie-up's implications for competition in the market for e-wallets and other services.

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Ambassador, with these Digital Wallets you are really spoiling us!

MasterCard becomes latest company to offer a Digital Wallet

MasterCard is the latest big brand to add itself to the long list of those offering digital wallets. PayPass Wallet Services, a new global offering for banks, merchants and partners  will make it faster and easier for their customers to make purchases in stores or online by allowing them to securely pay with a simple click of the mouse, touch of the tablet screen or tap of the smartphone.

PayPass Wallet Services delivers three distinct components — PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API. These services enable a consistent shopping experience no matter where and how consumers shop, as well as a suite of digital wallet services, and developer tools to make it easier to connect other wallets into the PayPass Online acceptance network.

 “Consumers are looking to pay for goods when, how and where they choose. Merchants want flexibility to easily accept digital payments so they can convert more browsers to buyers both online and in store,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “We realize 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.”

MasterCard will make PayPass Wallet Services available to partners in the third quarter of 2012, initially in the U.S., Canada, U.K. and Australia and, subsequently, will include other countries. PayPass Wallet Services will be expanded to the point of sale over time to create an end-to-end shopping experience for consumers providing additional value-added services such as: at-a-glance account information before making a purchase; spending controls and alerts received in real time; and delivery of targeted offers, coupons and enhanced loyalty programmes.

How will consumers choose which digital wallet to adopt? And at what point will the majority of us feel that we can’t possibly live without  one?

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