MasterCard launches MasterPass in Singapore

Continuing its global expansion MasterCard has released it mobile wallet solution MasterPass in Singapore.

Singapore consumers are early adopters and are demanding new digital experiences, including shopping experiences. MasterPass’ solution is a fast and secure way to pay with connected devices. Users can store numerous cards on the application (not only MasterCard branded cards) and can pay swiftly and easily online. The quick solution also helps with connected devices with smaller screens and eliminates tedious data entry prior to the transaction.

“Singapore is already an evolved market for digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 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,” says Ms Julienne Loh, general manager, MasterCard Singapore.

Prior to release in Singapore, MasterPass is already available in the US, UK, Canada, Australia, New Zealand, Italy and China. DBS Bank, Maybank and OCBC Bank will be the first to issue their branded versions of the Digital Wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term. MasterPass-connected wallets enable banks, merchants and other partners to offer their own branded wallets that extend and enhance their own consumer relationships.

According to a press release from MasterCard, currently over 40,000 merchants around the world accept the option to make online payments with MasterPass. The card company plans on expanding MasterPass’ feature set and plans to add support for NFC, QR codes and tags for in-store purchases.