Similar to single-click services like Amazon’s 1-Click, PayPal, and the mobile Square, the top credit and debit card companies, Visa and MasterCard, have each set up their own digital wallet services. The payment services enable you to make online, mobile, and in person purchases with a single click at supporting online merchants and stores like Barnes and Noble.
Visa’s V.me and MasterCard’s PayPass work similar in ways in that you register your account and cards with the service, then simply click V.me and PayPass buttons to make a transaction. These services will reduce the need to fill out forms, remember several passwords, or type in account numbers.
With V.me, when you’re ready to pay a merchant website, you enter your registered V.me email address and password during the checkout process and then click the V.me button.
With MasterCard’s PayPass, you first register by providing your personal billing information, mobile phone number– including the physical address(es) where you’d like to receive shipments–for any of your MasterCard, American Express, Diners Club, Discover, or Visa accounts.
Mastercard also says users will soon be able to manage their PayPass Wallet account on their iPhone or Android device as well. These mobile services should also speed up the process for online purchases at supporting bricks-and-mortar stores, for instead of swiping your credit or debit card you would simply tap your PayPass-enabled phone, card, key, or mobile tag.
Both the MasterCard and PayPass services are currently in beta, and are only available in the U.S. for now.