Latest in Gear

Image credit:

Credit card companies unite for a checkout button to take on PayPal

So long, Visa Checkout.
Devindra Hardawar, @devindra
April 20, 2018
Share
Tweet
Share

Sponsored Links

Shutterstock / Kritchanut

Even if you don't use PayPal to send money to friends, there's a good chance you've reached for their checkout button in online stores, which is tied to all of your payment information. It's simply easier than getting up and finding your wallet. Now, the major credit card companies -- Visa, Mastercard, American Express and Discover -- are joining forces for a checkout button of their very own, the Wall Street Journal and Bloomberg report. And yes, it means the end of Masterpass and Visa Checkout, services that attempted to replicate the easy PayPal experience.

The idea is pretty simple: People will make more purchases if they can checkout easily. PayPal pioneered the concept of a digital wallet, which put all of your payment options behind a single service, and Amazon followed suit with its own checkout button. Really, it was only a matter of time until traditional credit card companies followed suit. But it's unclear when we'll see their unified checkout button. Bloomberg says Visa and Mastercard still hasn't discussed the offering with retailers, and they're hoping to work with the World Wide Web Consortium, which sets standards for browsers.

In addition to being faster, the new checkout button should be more secure. It'll use the token technology that Visa and Mastercard rely on, which creates a temporary digital ID for every purchase, instead of using your actual card number. That should cut down on fraud, as well as make it easier to keep your payment information up to date with online services (since the tokens will update when you get new cards).

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

iPhone 12 and 12 Pro review: Apple enters the 5G era

iPhone 12 and 12 Pro review: Apple enters the 5G era

View
LG's rollable OLED TV goes on sale for $87,000

LG's rollable OLED TV goes on sale for $87,000

View
LG's latest 55-inch CX OLED smart TV is $500 off at Amazon

LG's latest 55-inch CX OLED smart TV is $500 off at Amazon

View
Google adds Nest Secure to its list of discontinued projects

Google adds Nest Secure to its list of discontinued projects

View
Apple will reportedly add 5G support for iPhone 12 in dual SIM mode

Apple will reportedly add 5G support for iPhone 12 in dual SIM mode

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr