Hongkongers’ growing passion for online shopping is furthered by MasterPass, a new digital payment platform, for the first time in Hong Kong, delivering a seamless, faster and safer online shopping experience for local consumers.
MasterCard has named Hiang Choong as Division President, Hong Kong, Macau and Taiwan. Mr. Choong was educated in Canada and Australia. He is a graduate of the Australian National University with degrees in Law and Arts with a double major in Psychology and Sociology.
MasterCard announced the appointment of two Co-Presidents for the Asia/Pacific region – Ling Hai and Ari Sarker; as well the creation of two sub-regions – North East Asia and Australasia (NEAA) and South East Asia and South Asia (SEASA). The new sub-regions are in recognition of the growing importance of Asia/Pacific as a whole as it houses two of the region’s biggest markets – China and India – and reflects a more focused approach for these diverse markets.
MasterPass has been gaining momentum driven by the increasing trend among consumers in using it for smaller ticket, everyday payments. MasterCard has also seen a surge in transaction volumes, with a monthly compound average growth rate of 38% for MasterPass transactions in Asia/Pacific for 2014.
Next week is the important World Economic Forum on East Asia in Jakarta (Apr 19-21). MasterCard released the latest findings of basic finance knowledge and skills across Asia/Pacific and discovered a stall in 12 of 16 countries with record lower scores in the latest Financial Literacy Index.
A new survey reveals consumers in emerging markets across Asia/Pacific are more likely to choose a product based on whether it is perceived as more socially responsible than those in developed markets. Overall, products which are fair trade have the most appeal.
South Africa’s Ovations Group is taking the leap onto a beaconized payments platform. The provider of business process transformation solutions will use the platform from San Francisco-based Pay With Drop.
London tops the list as the destination of choice for international travelers for the third time in four years, according to the annual MasterCard Global Destination Cities Index. Rounding out the top five cities are Bangkok, Paris, Singapore and Dubai, which are benefiting from a surge in international travel fueled by an expanding middle class, innovations in luxury travel and rising need for business travel. The index also indicates this surge will continue, even with more technology and collaboration tools available to businesses. MasterCard’s Priceless Cities program provides exclusive access to more of life’s passions. At the same time, there are core benefits, insurances and features that help provide greater convenience along the way.
MasterCard partnered KDDI mobile operator to launch “au WALLET” prepaid card program for 34 million au-brand mobile network subscribers beginning May 21. The au WALLET card will enable KDDI’s “au” mobile network subscribers to enjoy safer, easier, and more rewarding payment options at any merchant that accepts MasterCard payment cards, either offline or online, in more than 210 countries. In particular, cardholders will be able to shop with ease, assured that their expenditure will remain within the pre-loaded amounts. The au WALLET card will be easily obtainable without any credit evaluation and can be reloaded at au shops or online. Cardholders will receive au WALLET Points for every purchase made with the card, redeemed when paying au phone bills or making other shopping payments.
MasterCard today announced that it has entered into an agreement to acquire Pinpoint Pty. Ltd. This acquisition is expected to close in the second quarter of 2014. This acquisition, in combination with MasterCard’s capabilities, will benefit issuers, providing them more effective and efficient rewards programs to offer their customers. It will also help merchants target new customers while retaining their existing client base, allowing them to grow their businesses and raise profitability.
MasterCard reported a growth of 40% in gross dollar volume, or GDV, for its prepaid card business across Asia/Pacific, Middle East & Africa (APMEA) for 2013 (y-o-y). The momentum for prepaid growth is expected to continue given the potential for driving further financial inclusion in emerging markets as well as the increasing cross border and e-commerce transactions.
ACI Worldwide announced the winners of the 2014 ACI Excellence Awards. The fifth annual ACI Excellence Awards celebrate leading financial institutions, processors and retailers for innovative and transformative uses of ACI solutions to solve real-world customer and business issues. ACI Excellence Award and Merit Recognition recipients were selected by a panel of judges comprised of ACI experts and leading global payments analysts from Aite Group, CEB TowerGroup and Celent. Winners were selected across ten categories and are based throughout the Americas, Asia/Pacific and EMEA. This year’s Excellence Award winners include: