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MasterCard flashes its online wallet

David Ramli (via AFR) | Feb. 28, 2013
Mastercard has launched an online wallet service, MasterPass, designed to allow credit card details to be stored either on smartphones or the internet.

While several organisations are trialling the use of mobile phones as contactless credit cards at checkouts, most retailers including Coles have told The Australian Financial Review it could be 12 months to three years before it becomes mainstream.

MasterCard’s Mr Barr said over time MasterPass’ smartphone app could allow people to use their phones to make contactless payments, monitor spending and store loyalty card accounts, such as FlyBys or Everyday Rewards, but that the services would not be available at launch.

“The mobile [contactless] challenge is not technology-based but commercial [because] the tech and the standards have been around since 2010,” he said. “I think this year you’ll see commercial mobile [contactless] payment solutions via the phone.

“Both Vodafone and Optus have made announcements working on prepaid solutions with Visa ... so it’s coming.”

 

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