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Mastercard's goes digital with e-wallet 'Masterpass'

Mastercard, wary of the competition from electronic wallets, said it will start charging a controversial extra fee to some companies that want to run Mastercard transactions through their e-wallets.

Could electronic wallets become as common as cellphones? Paypal and Google sure hope so. The two companies see a future where you walk into a store and simply use your smartphone to pay. But competition is growing. Now MasterCard says it will start charging a controversial fee to some e-wallet companies that want to run MasterCard transactions. But the card company isn't stopping there. They are also developing an e-wallet of their own.

Ed McLaughlin, chief emerging payments officer for Mastercard, joins Marketplace Tech host David Brancaccio to discuss MasterCard's strategy for staying relevant in the mobile age.

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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