For the first time this year, consumers in Asia Pacific are expected to spend more on e-commerce purchases than those in North America, making it the largest regional e-commerce market in the world. This year alone, B2C e-commerce sales in the region are expected to reach $525.2 billion, compared to $482.6 billion in the United States.
MasterCard and First Data Corporation announced a strategic alliance to provide a unified solution with the introduction of MasterCard inControl for banking clients and customers in Asia Pacific. MasterCard inControl is an innovative and secure payment platform that empowers corporates and consumers to set spending limits on their accounts and manage how, when and where they use their card online.
The strategic alliance between First Data and MasterCard will support e-commerce spending by giving cardholders greater control and providing reassurance with enhanced security features. MasterCard inControl provides cardholders with customised spend management tools and generates dynamic virtual card numbers (VCN) to help reduce potential losses resulting from stolen credit card numbers. It also provides real-time alerts of each transaction to prevent fraudulent card use.
“Our partnership with First Data is a strategic initiative that gives their clients access to an innovative payments solution. We strongly believe that the inControl platform will not only provide more secure transactions for consumers, but will also help them manage their spending and budgeting more effectively,” said Raj Dhamodharan, group head for emerging payments at MasterCard for Asia Pacific.
„For banks, this solution will support new account growth, increase card usage, protect against e-commerce fraud and help build deeper customer relationships,” said Marc Mathenz, senior vice president and head of First Data’s Asia Pacific region.
First Data handles more than 100 million cards for leading banks in the region.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
