MasterCard has launched digital payment platform MasterPass for the first time in Hong Kong, which allows consumers to securely store their MasterCard and other branded card information all in one place – along with their shipping and billing addresses. Asia editor Xiou Ann Lim reports
Consumers will no longer have to enter their payment and shipping information with every purchase. They can conveniently access the payment details in their mobile wallet during checkout. Apart from that, MasterPass also fosters consumer loyalty to merchants as it allows their loyalty card to be automatically passed to merchants when making a purchase.
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"These days, online shoppers have become more sophisticated and choose carefully. We believe offering a secure payment solution through a reputable platform is the key to success. We are excited to launch our own branded digital wallet, DBS MasterPass, in Hong Kong – giving customers more control over the way they shop and pay," said DBS Bank’s executive director of cards and unsecured lending, Ken Chew.
Mobile wallets are fast becoming a trend in the Asia-Pacific region, with banks determined to remain competitive as they partner with card companies and mobile network providers to develop their own mobile wallets.
"We understand that to move nimbly, we need to partner financial technology companies in niche areas," says global head of retail products Kartik Mani at Standard Chartered, which recently collaborated with mobile operator Indosat to launch their Straight2Bank wallet in Indonesia. See related story.
Similarly, MasterCard is targeting a wide reach by partnering with Bank of East Asia, China Construction Bank (Asia), Dah Sing Bank and DBS Bank to launch branded MasterPass digital wallets.
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By GlobalDataMasterPass is now available to over 40 million consumers across Asia/Pacific. In addition to Hong Kong, Taiwan made its MasterPass debut last October – while the solution is also available in Australia, Canada, China, Italy, New Zealand, Singapore, the United Kingdom, the United States and many other countries around the world.
