Mastercard has launched Pay Local, helping users make card payments via local digital wallets across Asia Pacific.
This service allows both resident cardholders and international travellers to link their Mastercard credit or debit cards with digital wallets, facilitating immediate shopping at more than 35 million merchants without the need for prepaid account setups or top-ups.
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It is expected to benefit a wide array of stakeholders. Residents will gain the ability to pay micro, small, and medium enterprises (MSMEs) that traditionally do not accept card payments.
MSMEs can expand their customer reach with minimal investment in infrastructure and without operational disruptions.
Tourists and international travellers can gain access to seamless payments while visiting various destinations.
Furthermore, digital wallet operators can attract a larger customer base, particularly those who predominantly use cards.
Card issuers will also benefit by providing additional points of acceptance for their consumers.
Mastercard Asia Pacific products and innovation executive vice president Sandeep Malhotra said: “With Pay Local, Mastercard is extending its global network to partner wallets and expanding acceptance by making it possible for Asia’s digital wallets to process card-based payments.
“This creates a low-cost, simple, stable, and secure connection between over 35 million merchants in Asia Pacific and two billion Mastercard cardholders.”
Mastercard Pay Local is an extension of the company’s existing partnerships with wallet providers such as Alipay and Weixin Pay in Chinese Mainland, and Octopus in Hong Kong SAR.
These collaborations have already facilitated convenient payment options for international visitors, allowing them to pay like locals, irrespective of where their Mastercard card was issued.
Additionally, various digital wallets in the region, including GrabPay in Southeast Asia, Maya in the Philippines, ShopBack in Singapore, and TrueMoney in Thailand, already accept Mastercard cards for funding.
Recently, Mastercard announced the expansion of its US Installments Programme to offer consumers greater payment flexibility at checkout.
