Hong Kong is well positioned to become the worldwide model for payment technologies said MasterCard President and CEO Robert W. Selander. With its early adoption of new technology, Hong Kong is currently the only market in the world testing both MasterCard electronic commerce and chip card programs with consumers.
During this trip, Selander will meet with government officials and senior executives of some of the world’s largest financial institutions to discuss MasterCard’s strategy for helping move the payment industry to the next stage of development. On the immediate horizon is the integration of chip cards and Mondex electronic cash into the mainstream cards business and maximizing the potential of electronic commerce.
“Hong Kong has long been the financial window of China and its role in the payments industry has been as a driver and test-bed of new technology,” Selander said. “Hong Kong is the leading example of a market taking the initiative to bring new technologies to market to improve the payments infrastructure and consumer choice.”
Selander went on to say that knowledge transfer from Hong Kong to Greater China and the rest of the globe will be a critical driver in how the world evolves in the adoption of new payment methods.
Selander cited several recent initiatives will help set the stage for rapid movement:
· With a 51% stake in Mondex International, MasterCard has the most advanced and secure electronic cash product in the world. In addition, a core part of MasterCard’s chip strategy is MULTOSâan open, multi-application operating system that will make multi-function lifestyle cards a reality.
· Mondex Asia has been formed as a subsidiary company set up to bring Mondex electronic cash to market in 13 countries/territories in Asia. The Mondex pilot in Hong Kong is set to expand very shortly to a Hong Kong-wide initiative.
· MasterCard has more electronic commerce pilots going on in Asia than anywhere else in the world, so the region is poised for explosive growth. Recently, MasterCard launched its sixth electronic commerce pilot in the Asia/Pacific region in Hong Kong.
· Maestro, MasterCard’s on-line debit program, has experienced tremendous growth in the five years since its launch. Today, there are more than 100 million Maestro cards around the world, 32 million of those in Asia/Pacific.
“Just as markets such as Hong Kong have evolved over the years, so too has MasterCard,” said Selander. “Fifteen years ago, MasterCard was perceived as a US-based credit card company. Today, clearly, we are a global payments company, and no where is that more evident than in Hong Kong,” he added.Details