Intel and MasterCard have joined forces in order to make a play for the online payment market, which is currently dominated by PayPal

The two companies are calling this a "multi-year collaboration" which effectively means that they are well aware that it'll take at least a few years to eat into PayPal's share of the market.

By joining forces both MasterCard and Intel can bring their own particular expertise into the mix; on the one hand you have MasterCard with its experience in payment processing and commerce, whilst intel will be dab-handy at silicon innovation and chip-based security.

However, the new technology is focusing on people who use Ultrabook devices and future generations of Intel-based PCs. The upshot of which means that if you're using these devices the companies will be able to use both MasterCard’s PayPass and Intel Identity Protection Technology (IPT) to enable you to pay for goods online with a simple tap of your PayPass-enabled card, tag, or smartphone on an Ultrabook device.

"MasterCard is constantly working to improve the shopping experience for consumers and merchants,” said Ed McLaughlin, chief emerging payments officer, MasterCard. "The collaboration with Intel will deliver enhanced security and faster checkout - with the convenience of a simple click or tap."

An interesting development then, and one that really depends on convincing potential customers that it's secure as well as ensuring the process is convenient and speedy.