MasterCard first introduced PayPass in September, 2003. A PayPass Wallet Service known as MasterPass was launched in May, 2012. On 2nd June 2014, MasterCard announced the launch of MasterPass in Singapore, for easier and quicker online shopping.
“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,” stated the GM of MasterCard Singapore, Julienne Loh, in a press release. “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.” she added.
- Singapore becomes the first Southeast Asian Country to offer MasterPass.
- At the moment, the solution has been made available in the UK, USA, Canada, New Zealand, Australia, China and Italy.
- Maybank, OCBC Bank and DBS Bank are the wallet issuers in Singapore that are ‘Live’ with MasterPass.
- CIMB Bank is also expected to roll out their wallet to the public soon.
- MasterPass-connected wallets allow merchants, banks as well as other partners to offer their own branded wallets that extend and enhance their own consumer relationships.
- MasterPass is accepted at several online merchants in Singapore, including - Shaw Theatres, Luxola, Singapore Airlines, SISTIC, Zuji and Singapore Airlines KrisShop Online.
- Payment technology providers eNETS, AsiaPay, MC Payment, WireCard and Red Dot Payment have also begun to avail MasterPass to their merchants.
- Currently, more than 40,000 merchants around the world accept the option to make payments online via MasterPass, says the company.
- MasterCard also states that MasterPass will further evolve, in order to support the use of emerging technologies.
- This includes QR codes, tags as well as NFC – for in-store purchases, based on the shopping experiences a merchant wants to make available to its customers.
- Users shopping at MasterPass merchants in future will also have access to additional value-added services.
- This includes account balances, real-time alerts, purchase history,offers and experiences, as well as loyalty programs.
“The growth in e-commerce means that consumers are constantly on the lookout for simpler but no less secure shopping experiences,” stated the Sr. VP of Sales at NETS, Ang Sok Hong, in a press release. “In making MasterPass available to all our eNETS merchants, we’re offering them an additional payment option and a simplified checkout experience for their customers, on top of the confidence in secure cyber transactions that consumers have come to expect when using eNETS,” he added.
“The growing interest in online shopping has been enthusiastically embraced and adopted by Singaporeans, extending to the purchase of event and concert tickets. To support this, we are constantly enhancing SISTIC digital platforms to better serve customers, including through our revamped website and our mobile app. MasterPass makes the SISTIC online experience even more convenient and at the same time ensures enhanced security for transactions,” commented CEO of SISTIC, Kenneth Tan, in the same release. “We are glad to be a partner of MasterCard and MasterPass, delivering an improved customer experience.”