MasterCard has teamed up with chip giant Intel to make online shopping simpler and more secure by letting customers tap their cards or phones against computers to complete payments.
In the US alone, online sales reached $176 billion last year and are expected to grow at double-digit percentage rates annually for the next five years, according to Forrester Research.
The partners say they will make e-commerce safer and simpler through a "multi-year strategic collaboration" combining MasterCard's payment processing expertise with Intel's strengths in silicon and chip-based security.
They are currently working on combining MasterCard's PayPass contactless system with Intel's Identity Protection Technology (IPT), which enables consumers to use two-factor authentication and hardware-based display protection.
When used with an Intel IPT-enabled reader, consumers will be able to pay for online purchases with a simple tap of their PayPass-enabled card, tag, or smart phone on a computer. Initially, the offering will work with Intel-based Ultrabook devices.
Ed McLaughlin, chief emerging payments officer, MasterCard, says: "The collaboration with Intel will deliver enhanced security and faster checkout - with the convenience of a simple click or tap."
George Thangadurai, general manager, PC client services, Intel, adds: "Online commerce is a key focus area for Intel, and through this partnership with MasterCard, we intend to deliver an innovative, personalised and safer e-commerce experience to consumers."
Finextra's special projects editor Elizabeth Lumley caught up with McLaughlin and Thangadurai at the Cartes show in Paris to talk through the details: