With more merchants going online to leverage on the rise of online shopping and e commerce in Singapore, Mastercard, of the the world leading online payment gateway, has just launched its new MasterPass earlier yesterday.
What is MasterPass? It is a digital wallet that saves consumers the hassle of entering detailed card information when shopping online. The virtual wallet stores payment details such as mailing addresses and credit card information in a secure online cloud, and then it is sent to the web merchant when users make an online transaction.
According to Mastercard, shoppers in Singapore is the first in Southeast Asia to experience the offering. They can select “Buy With MasterPass” as the checkout option with participating merchants, which already include several travel websites such as Zuji, Singapore Airlines, Shaw Organization, SISTIC, and online shopping site Luxola.
“When it comes to buying movie tickets, we know our customers want their experience to be simple, quick and convenient. For this reason, we are continually innovating our online and mobile sales platforms to improve the purchasing experience for movie goers. We’re pleased to be among the early adopters of MasterPass, giving our customers the choice of a safe and convenient payment method to make their regular movie ticket purchases and enhancing their overall movie-going experience,” said Mark Shaw, Executive Vice President, Shaw Organisation
“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. Beyond a platform that hosts digital wallets, MasterPass will also provide the technology for merchants to offer new and innovative services and features for shoppers. More importantly, its relevance to consumers by enabling seamless payment experiences will go beyond the online shopping world to even point-of-sale payments. With the convergence of technology and digital payments, every device will become a payment device,” said Ms Julienne Loh, general manager, MasterCard Singapore.
MasterPass was first launched in February 2013 and is currently available in the US, the UK, Canada, Australia, New Zealand, Italy and China. Banks currently integrated with MasterPass include DBS Bank, Maybank and OCBC Bank in Singapore, with CIMB Bank expected to roll out their wallet to the public soon.
Online sellers interested in offering such a feature on their websites can approach MasterCard. Users can sign up for a MasterPass account online for free at the MasterPass website.