You know how convenient it is when you buy something on Amazon with one click? You find what you want, you click one button, and, because it has all your info stored, you can speed right through the checkout process. MasterCard has a new system called MasterPass that aims to do the same thing, and then give that power to anyone who wants it.
The idea is that wherever you are, you can purchase something with one click, because all your MasterCard data is in the MasterPass smartphone app. That's packaged with a few nice other options--it'll support NFC (more about that here), so you'll be able to tap to trigger a transaction, but it'll also support barcode and QR code scanning. So if you're in a store, you can snap the barcode with your phone, which'll purchase it right away, and then you can walk right on out the door. (If the store's security tries to stop you, you'll be able to show them a proof of purchase.)
MasterPass is due to launch this summer. It sounds like a nice, convenient tool--though we're still waiting for the day when we can do everything with our phones and hurl these dumb wallets in the garbage.