February 24, 2014
MasterCard first introduced PayPass in September, 2003. The service was introduced after conducting a 9 month trial which involved over 16,000 card holders and 60 retail locations. In 2011, MasterCard reported 92 Mn PayPass cards and devices issued worldwide with over 310,000 merchant acceptance points.
A PayPass Wallet Service known as MasterPass was launched in May, 2012. The wallet service was launched to close the gap between online and offline shopping. MasterCard named it’s PayPass Wallet Service as MasterPass in early 2013.