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Mastercard has introduced a new service enabling cardholders to utilize digital wallets for transactions at millions of merchants across the Asia Pacific region.
Mastercard has unveiled Pay Local in Asia Pacific, a service that permits both travelers and residents to connect their credit and debit cards to local digital wallets for seamless and secure transactions.
Collaborators for this service include prominent digital wallet providers in the region:
- DANA in Indonesia;
- Touch ‘n Go in Malaysia;
- Bakong in Cambodia;
- LankaPay in Sri Lanka, among others.
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Mastercard’s Pay Local will be accessible at over 35 million merchants in the area that accept these wallets. The initiative also aims to reach other regions where digital wallets are commonly utilized for daily purchases, such as Latin America, Eastern Europe, the Middle East, and Africa.
The press release indicates that Pay Local builds on Mastercard’s existing collaborations with major wallet providers, which include partnerships with Alipay and Weixin Pay in mainland China, as well as Octopus in Hong Kong, Maya in the Philippines, ShopBack in Singapore, TrueMoney in Thailand, and GrabPay throughout Southeast Asia.
Representatives from Mastercard emphasize the advantages of Pay Local for both consumers and businesses:
- travelers gain a convenient method to pay for goods and services while abroad, irrespective of where their Mastercard was issued;
- local residents will have the ability to pay micro, small, and medium enterprises (MSMEs) that do not accept conventional card payments;
- MSMEs can enhance their payment processing capabilities with minimal infrastructure costs;
- wallet operators can broaden their customer base, while card issuers can provide more payment acceptance options to their clients.
In a recent earnings call with analysts from major financial institutions, it was revealed that approximately 70% of all personal transactions within the Mastercard network are conducted via contactless payments.
Сообщение Mastercard Combines Cards and Digital Wallets for Easy Payments появились сначала на CoinsPaid Media.
