MasterPass is the digital wallet from MasterCard. This electronic purse allows consumers to pay online using pre-registered credit or debit cards and personal shipping address information.
MasterPass by MasterCard enables online merchants to accept credit card payments and simplify the credit card checkout process. MasterPass, basically an electronic purse, allows consumers to securely store their MasterCard credit or debit card (or Maestro) together with their personal shipping address information. The MasterPass digital wallet is securely managed by the consumer bank and can only be accessed by the owner. MasterPass shoppers using the 'Buy with MasterPass' checkout button on merchants' websites login to their wallet, select their preferred card and shipping address and confirm payment. The merchant receives instant payment confirmation and shipping information for delivery. MasterPass transactions, still MasterCard or Maestro card transactions, can be processed over the existing payment rails used by the merchant. However, their Payment Service Provider or Payment Gateway, and Merchant Acquirer should support MasterPass acceptance.