Major credit card companies, such as Visa, MasterCard, Discover and American Express are joining forces to combine their payment options into a single button. This initiative could put an end to Visa Checkout and Masterpass, the services tried to give you the easy PayPal experience.
Faster and secure
The idea behind this button is pretty simple. It will be easier for every customer to check out quickly if they can finish the process with a few clicks. The concept is similar to the one with PayPal’s digital wallet that put all your payment options behind a single service.
Instead of just being faster, this new checkout button could also ensure security. Using the token technology that MasterCard and Visa depend on, it will create a temporary digital ID for every purchase. It means your credit card number won’t be disclosed. It should keep your cards safe from frauds while keeping up your payment information up to date with online services.
Although a unified button for the credit card companies was only a matter of time, we are still not sure when we’re going to see it. According to Bloomberg, there hasn’t been any discussion between the retailers and Visa and MasterCard. Both the companies are hoping to work with the World Wide Web Consortium, the company that sets standards for web browsers.