Mastercard is set to launch its new digital payment system MasterPass, entering territory now owned by PayPal.
Set to launch first in Australia and Canada, MasterPass is designed to be a digital payment system that can be used for all purchases, both online and in the real world. In the first phase of its implementation, however, will be something MasterPass online merchants can add to the boxes of their stores.
At the end of the road, waiting to accept Mastercard payments in stores using any number of methods of data transfer, such as QR codes and NFC. This is based on the Mastercard PayPass NFC based system is already being used by banks in the credit and debit cards.
Customers using MasterPass not have to use products Mastercard either. The system is configured so that a number of different funding sources can be added to a single account. Eventually, Mastercard intends to release the code to third parties so that these businesses can create their own digital wallet MasterPass connected.
Mastercard is also building a system for the same functionality that can be integrated directly into the phone. Although, the recent alliance announced between Visa and Mastercard rival manufacturer Samsung Electronics is already showing off the pace in this regard.
Registration will open in Australia and Canada in late March with the U.S. and the UK to follow soon after, with a broader drive worldwide later this year.