VIDEO INTERVIEW: Digital wallets need a great checkout and shopping experience if online and mobile payments are to take off. So says Edward Olebe, group head of MasterPass – MasterCard’s wallet payment system – in a recent interview with Mobile World Live.

He added that digital wallets, while important, are simply places to store things securely (such as address details, loyalty cards and coupons).

It’s a “big misconception”, he added, to see MasterPass as a digital wallet – it’s rather a means of accessing digital wallets in ways consumers find exciting and compelling.

“What we’re about,” he explained, “is creating a platform which allows our merchant and financial institutional partners to innovate, creating cool shopping experiences in an easy and secure manner.”

Watch the full interview to find out Olebe’s views on how this might be achieved, plus get an update on where MasterPass is live and the number of merchants signed up so far.