Mastercard strengthens Digital First program to meet rising demand for convenient and secure transactions

Mastercard is strengthening its global Digital First program across Asia Pacific with a range of innovative partners to deliver even more seamless and secure digital payment options than consumers expect as they shop and bank online more than ever before.

Mastercard’s Digital First program maximizes the safety, security and convenience of e-commerce, online banking and contactless transactions by providing the guidelines for payment processors, fintechs, issuing banks and other partners to create end-to-end digital payment options at scale.

Backed by the speed and security of Mastercard’s global network – including the Mastercard Processing platform to enable near-instant issuance – the Digital First program offers consumers the ease of applying online, rapid access to begin making purchases, flexibility and peace-of-mind while shopping. It gives consumers the choice of making payments with digital cards or directly from bank accounts by using smartphones, smartwatches or any other digital device. It also provides innovative new ways to receive payments including Mastercard’s QR on Card, which places a QR code on a consumer’s payment card to allow senders to scan and transfer funds securely and easily to their account of choice.

With consumers making a rapid and lasting shift to a “digital by default” mindset, Mastercard research also shows that 51 percent of people in Asia Pacific have made the swap from their top-of-wallet card for one that offers contactless. A large majority, 75 percent in Asia Pacific, state they will continue to use contactless after the pandemic is over.

“New forms of cashless payments, such as e-wallets and QR codes, are rapidly gaining traction in the Philippines—in part due to how people have adapted their behavior in response to the pandemic,” said Simon Calasanz, Country Manager, the Philippines, Mastercard. “Mastercard has been at the forefront of driving inclusive digital commerce in the Philippines and around the world. In tandem with its partners, Mastercard’s Digital First program significantly expands access to emerging payment technologies that maximize consumer choice, while offering merchants a wider consumer base and faster availability of funds.”

With greater demand for digital experiences, Mastercard is enabling its customers to innovate faster by providing a network of partners that support each step of the consumer digital journey – from acquisition and usage to management.

Mastercard’s Digital First products are becoming the standard in many markets. In the Philippines, Mastercard works with BancNet, the national clearing switch operator for InstaPay. BancNet taps into Mastercard’s expertise and the next-generation technology of Vocalink (a Mastercard company) to provide InstaPay users with a safe and seamless real-time payments experience.

Across Asia Pacific, other customers using Mastercard’s Digital First products include HSBC, Mox by Standard Chartered and WeLab Bank in Hong Kong SAR, Singapore’s GrabPay, Atlantis in Singapore and India, RBL Bank, Yes Bank and BOB Financial Solutions Limited, also in India, VIB in Vietnam, Sumitomo Mitsui Card Co. Ltd and Credit Saison in Japan, as well as a number of financial institutions in Australia such as Bankwest and Bendigo and Adelaide Bank.

The strengthening of Mastercard’s Digital First program in the region mirrors its expansion in North America to deliver unique value for cardholders and account holders with the best-in-class banking and payments experience in today’s rapidly evolving digital economy.

For the Digital First program in Asia Pacific, Mastercard offers the benefits of its own Mastercard Processing platform and partners with payment processors and fintechs including Euronet Worldwide, Tutuka, HPS, Global Processing Services (GPS) and Episode Six, along with digital platform providers such as Thales, Verestro (uPaid), Nuclei and Infosys.

Together with these partners, Mastercard’s Digital First program focuses on:

1. Online application: Enables people to apply online and receive card information almost immediately upon issuer approval.

2. Near-instant issuance: Gives cardholders access to their card information almost immediately so that they may begin making purchases online, within apps and in stores through digital wallet offerings. An optional physical card is also available.

3. Quick access to details: Credentials can be accessed swiftly and securely via the digital environment, eliminating the need for names and numbers to be displayed on the physical card.

4. Simple and easy management: Allows people to manage their payment credentials digitally, including access to transaction history and balance information, alerts and card benefits.

5. Choice of payment and receiving instrument: Offers consumers the option of both paying and receiving funds with a bank account or a card, enabling them to transact anywhere and anytime, while leveraging Mastercard’s global acceptance.

6. Safety and security: The Digital First program provides the highest standards of security to ensure consumers continue to be protected for all online and offline transactions

Marco Dennis

Marco Dennis is an adventurous lifestyle and travel blogger. Follow his adventures at www.thepinoytraveler.com. For events, collaboration and advertisement, email him at dhenzuki@yahoo.com

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