“On May, 7 2012 Mastercard announced PayPass Wallet Services, a new global offering for banks, merchants and partners that will make it faster and easier for their 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,” according to Mastercard’s press release.

The wallet is said to be launched in the third quarter in the United States, United Kingdom, Canada and Australia first, before the PayPass technology is extended elsewhere around the ‘globe’.

The differentiating characteristics of  Mastercard’s PayPass from Visa’s V.me wallet is that it enables banks and merchants to customize their own digital wallets, so that Mastercard’s branding is not the primary focus of attention.

Additionally, Mastercard’s contactless and online payments will be launched under one brand whereas Visa is going to offer two brands, V.me wallet and Visa payWave.

Because over spending is a concern for PayPass users, Mastercard’s wallet will offer a variety of pro-consumer services including; account look-up before purchases, spending control and alerts and delivery of targeted offers coupons and loyalty programs.

Read the full press release about the features and benefits of the Mastercard PayPass

Read more about the difference between Visa V.me and the Mastercard PayPass