MasterCard has said that MasterPass, the company’s digital payment wallet, has been gaining momentum and seeing a surge in transactions in countries such as Australia, New Zealand, China and Singapore.
MasterPass was introduced to speed up transactions by removing the need for a user to type in their shipping and card details for each transaction.
In terms of monthly compound average growth (CAG), MasterCard has seen rates of 38 per cent in MasterPass transactions across the pacific in 2014. The company says it expects that number to rise as more people sign up for the service and the service becomes available to 40 million people across Asia and the Pacific.
The company also said that as the number of consumers using MasterPass has risen, so has the number of merchants in the past year. It says MasterPass is now being offered to an estimated 250,000 merchants around the world.
MasterCard points out that mobile payments are being used for more and more every day purchases. In 2014, seven of the top 10 most visited purchase categories had average purchase prices of US$60. The previous year, only three fell into similar price categories.
“Our success in rolling out MasterPass in this region can be attributed to the strategy we employed – of putting issuers first. The decision to focus on key bank partners to drive the adoption of MasterPass made the take up that much greater, as banks are often a valued partner for consumers,” said Raj Dhamodharan, MasterCard’s group head of Emerging Payments in Asia/Pacific.
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