Photo: Flickr / Brian Wilkins
The digital wallet wars are heating up now that MasterCard has entered the fray. On Monday the credit giant unveiled PayPass Wallet, “a free digital wallet service that … stores all of your payment and shipping information in one convenient and secure place.”
Before we unpack that statement, let’s break down how it works. As with PayPay’s digital wallet, users can load up to 25 credit cards, including those not issued by MasterCard.
When shopping on the Web or via phone, users make payments by tapping the PayPass Wallet services logo then entering a password when prompted. From there, they can choose which card and shipping site to use and approve the purchase. On store terminals, users can choose a card and tap to pay using the PayPass system, which looks no different than a regular key card. Smartphone users can also manage the wallet using MasterCard’s mobile app.
On the surface, the wallet looks like it’ll give PayPal a run for its money. MasterCard’s an established brand, and one older consumers feel they know and trust.
However, as we’ve noted before, digital wallets make it easy to drain your accounts quickly, making you prone to impulse shopping (and drunk shopping).
There’s also the concern of identity theft—crooks love nothing more than a one-stop shop to pilfer all your info—plus the possibility you’ll get bombarded with digital spam. For its part, the company assures users on its FAQ page that they can “shop with confidence,” thanks to its encryption technology.
For now, the service is in beta, but we’re excited to see how it changes digital shopping.