SINGAPORE | MasterCard launches its digital wallet service MasterPass in Southeast Asia. Singapore is the first market to get the MasterPass service that enables online and mobile shoppers a simplified payment checkout. MasterPass is already live in several large ecommerce markets including US, UK, China, Australia, New Zealand and Italy. MasterPass availability has been announced for the Netherlands and Sweden later this year.
What is MasterPass?
MasterPass is basically an electronic purse that allows consumers to shop online using pre-registered credit or debit cards and personal shipping address information. MasterPass Wallet users login to their wallet, select their preferred card and shipping address information, and confirm payment. The stored credit card and personal information is securely managed by the consumer's bank.
For merchants, MasterPass creates the opportunity to simplify their checkout process and reduce cart abandonment due to current lengthy payment checkout procedures. MasterPass especially enhances the checkout experiences on mobiles and tablets, as the shopper is able to pay with just a few clicks.
Buy with MasterPass in Singapore
Shoppers in Singapore will be the first in Southeast Asia to experience the offering which promises a simplified payment experience while protecting the user’s card and personal details. “Singapore is already an evolved market for digital payments, and we continue to see great potential for e-commerce growth. Consumers here have embraced a highly digital lifestyle, and will enjoy even greater convenience, accessibility and safety with the availability of MasterPass in Singapore.” says Ms Julienne Loh, general manager, MasterCard Singapore.
MasterPass Wallets in Singapore
MasterPass launched in February 2013, and in addition to Singapore, it is currently available in the US, UK, Canada, Australia, New Zealand, Italy and China. Wallet issuers in Singapore “live” with MasterPass include DBS Bank, Maybank and OCBC Bank in Singapore, with CIMB Bank expected to roll out their wallet to the public soon. MasterPass is accepted at online merchants in Singapore, including Luxola, Shaw Theatres, Singapore Airlines, Singapore Airlines KrisShop Online, SISTIC and Zuji.
MasterPass Supporting Payment Providers
Payment technology providers AsiaPay, eNETS, MC Payment, Red Dot Payment and WireCard have also begun to avail MasterPass to their online merchants. Today, over 40,000 merchants around the world accept the option to make online payments with MasterPass. Click here to see the Payment Service Providers supporting MasterPass.
MasterPass as an additional payment option
“In the ambit of e-commerce today, consumers want a faster and simpler payment process. MasterCard delivers such a solution, shortening time and making payment a breeze for regular online shoppers. We believe with MasterPass as an additional payment option on our website, SIA customers will enjoy an even better checkout experience.”Foo Chai Woo, Divisional Vice President Sales and Marketing, Singapore Airlines Limited.
Sourced from MasterCard, June 2nd, 2014