MasterCard's PayPass Wallet Services Is The New Digital Wallet

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MasterCard has revealed a full new suite of digital wallet solutions, packaged together under the moniker of PayPass Wallet Services.

The company says the new digital wallet product "will make it faster and easier for 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 is made up of three component pieces: PayPass Acceptance Network (PayPass Online and PayPass Contactless), PayPass Wallet and PayPass API.

“We realize that when it comes to payments, no single wallet will rule them all," wrote MasterCard Chief Emerging Payments Officer Ed McLaughlin in a written statement. "PayPass Wallet Services simplifies the shopping experience while providing flexibility and choice to merchants, banks and consumers.”

American Airlines and Barnes & Noble are among the first retail partners to plug into MasterCard's newest offering.

Read the full MasterCard press release here.