Roping in fintechs and other payment providers and financial institutions, the firm aims to support faster and more secure online transactions.
To deliver more seamless and secure digital payment options for consumers as they shop and bank online more than ever, one credit card issuer has announced an initiative to strengthen an existing program in the Asia Pacific region (APAC) by partnering fintechs, payment platform providers and processors.
The strengthening of Mastercard’s ‘Digital First’ program in the region mirrors its expansion in North America to deliver an improved banking and payments experience in today’s rapidly evolving digital economy.
For the Digital First program in APAC, the firm offers the benefits of its own payment processing platform and partners with payment processors and fintechs including Euronet Worldwide, Tutuka, HPS, Thredd and Episode Six, along with digital platform providers such as Thales, Verestro (uPaid), Nuclei and Infosys.
Together with these partners, the program focuses on improving:
- Online applications: People can apply online and receive card information almost immediately upon issuer approval.
- Near-instant issuance: Cardholders will be able to 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.
- 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.
- Simple and easy management: Users can manage their payment credentials digitally, including access to transaction history and balance information, alerts and card benefits.
- Choice of payment and receiving instrument: Consumers will have the option of both paying and receiving funds with a bank account or a card, so that they can transact anywhere and anytime, while leveraging Mastercard’s global acceptance.
- Safety and security: The highest standards of security will be used to ensure consumers continue to be protected for all online and offline transactions.
The program’s expansion is said to maximize 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.
Said the firm’s Executive Vice President, Products & Innovation (Asia Pacific), Sandeep Malhotra: “Combined with the strengths of Mastercard’s partners, the Digital First program offers the convenience of fast, transparent payments and maximizes consumer choice with everything from digital cards in e-wallets, to QR on Card, to the Pay by Account solution that lets people make payments from a bank account using their financial service provider’s app. For merchants, the benefits include access to a wider consumer base and faster availability of funds.”
Digital initiatives for India
Mastercard and BOB Financial Solutions Limited (BFSL) have also announced that they will jointly offer the former firm’s QR on Card service for small and micro-merchants in India, enabling these businesses to accept cashless payments.
This service, the first-of-its kind in the world, empowers merchants to spend and earn on the same card, making it easier for them to receive digital payments flexibly and quickly while making deliveries or serving customers in-store.