Visa, Mastercard, American Express (Amex) and Discover are planning to combine their online payment options into a “single button”, similar to PayPal’s.
At first, Mastercard and Visa revealed that they will be heading the new project, which was announced during a technology conference.
‘Major competitor to PayPal’
After the announcement, Discover and American Express soon said that they will also be joining the project.
The idea came to light in hope to make customers’ shopping easier, and reduce friction in checkout processes.
Nevertheless, the new button is believed to be a major competitor to PayPal.
The button also hopes to prevent “the Nascar effect”, where a variety of payment options and logos “dot the purchasing interface on online marketplaces”.
Written by Leah Alger