MasterCard WorldWide has just announced its multi-point virtual payment processing network. Titled PayPass, the new age ‘Digital Wallet’ is built specifically to make merchants & banks work in tandem to handle the surge in the online payment phenomenon. Looks like it is getting ready to face PayPal’s features.
What’s PayPass? MasterCard is one of the leading payment processing networks. PayPass will help banks, merchants & other e-commerce companies develop their own versions of digital wallets. However, if the companies already have one of their own payment systems, MasterCard will offer assistance to ‘Plug in ’ such systems into PayPass.
As technology has grown, multiple payment options have evolved leaving merchants overwhelmed. A while ago Near Field Communications (NFC) was floated for micro-transactions. Thereafter, Indian Telco Airtel launched its mobile wallet. Goggle’s offering is already looming and many merchants have also sided with ‘Square’. Under such circumstances, having a singular back-end infrastructure will be vital for easier & faster deployment of payment systems. The fact that MasterCard already has a huge number of Credit Cards holders will ensure its success.
Online or virtual payments are now a clear future for many businesses. As consumers increasingly shift their buying to online domains, companies & retailers will have to come up with new & innovative techniques that offer convenience & safety while consumers shop online. Speaking of safety, online security is on the major concerns during any online transactions. A while ago SBI had come up with a single-use debit card to allow users to hold-back login data.
Do you feel comfortable paying for anything online?