Will NFC Payments Finally Catch On?

Google Wallet and MasterCard’s PayPass have been around for a while now, yet still aren’t widely adopted in the U.S. This has primarily been because of the lack of NFC-enabled phones available.

Now, MasterCard is expanding upon its previous cashless payment method by introducing MasterPass. With MasterPass, users will be able to shop and make purchases from their mobile device. While this can also be done with PayPass, MasterPass adds new functionalities, in addition to NFC, such as scanning the barcode of a product and making the purchase for yourself within a store’s app.

The future of retail is all about the shopping experience. People can buy anything online, yet creating a positive retail experience can go a long way. Now, participating retailers can offer customers personalized store apps that will allow customers to take control of their purchasing via their mobile device and MasterPass.

Think MasterPass will only link to your MasterCard? Think again! MasterPass can become a digital wallet, linking to other credit, debit and prepaid cards.

The app is scheduled to launch in summer 2013—so stay tuned! Would you use MasterPass? Why or why not? Share your thoughts by commenting below, or on our Facebook or twitter page.