When you're in your Online Media Manager, just click on the cog wheel behind the album(s) you want to change the permissions for. Click on the "Access management" option and change it to "only selected visitors". The dialog for managing your contacts, setting up password and sending out notification e-mails will automatically open up. For each contact line, there's another cog wheel from which you can open the "Change" dialog, where you can set/change the password for the person in question. It works the same for people without an e-mail address, who I understand your question is about. There's one collective entry and thus one collective password for visitors with an e-mail address.