Based on the card giant's PayPass Wallet Services, MasterPass is designed to provide merchants with a consistent way to accept electronic payments, wherever they are.

For in-store transactions, either at the register or in the aisle, MasterPass will support the use of NFC, QR codes, tags and mobile device, while for online purchases, shoppers get a simple check-out process, without having to share shipping and card information.

Ed McLaughlin, chief emerging payments officer, MasterCard, says: "Every device is becoming a shopping device. MasterPass brings together all of the ways we pay for things, from traditional plastic cards to digital wallets, and gives consumers the ability to make a payment from wherever they are and with one simple experience."

Banks and merchants can tap MasterCard's technology to offer their own wallets, with consumers storing card information, address books and more in a secure cloud. The wallet is open, which means that in addition to MasterCard, people can use other branded credit, debit and pre-paid cards.

In addition, MasterCard says that its service will "enrich the shopping experience" with information like account balances and real-time alerts, loyalty programmes, and offers and experiences.

Australians and Canadians will be able to sign up for MasterPass, through various bank partners, by the end of March, with customers in the US and UK to follow soon after and people from Belgium, Brazil, China, France, Italy, Netherlands, Singapore, Spain and Sweden getting their hands on the service by the end of the year.

BNP Paribas Fortis Belgium, Banco Santander, Citi, Commonwealth Bank, Swedbank, UniCredit and Westpac are among the banks onboard. Merchants backing the service include American Airlines, Argos, Boots and Vodafone Italy.

A range of technology firms are also working with MasterCard, including mobile money specialist mFoundry, which will use the MasterPass API to deliver connected wallets to its nearly 900 bank customers from early next year.

"Together, mFoundry and MasterPass deliver an outstanding customer experience by integrating mobile banking and mobile payments into one, seamless solution," says Drew Sievers, CEO, mFoundry.