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MasterCards MasterPass hits 38 percent growth in APAC in 2014

Friday 12 June 2015 10:14 CET | News

In 2014, the monthly compound average growth rate (CAGR) of MasterPass transactions in Asia Pacific was 38%, and MasterCard expects that the CAGR will grow further, given that the digital payment platform is available to more than 40 million consumers in the region.

At the same time, MasterCard said merchants are more and more into this new form of payment. To date, MasterPass is offered by nearly 250,000 merchants worldwide. Moreover, 7 out of the top 10 most frequently purchased categories had a value of USD 60 or less, which included telecommunication bills, utilities, and purchases from online music stores.

Continuing the trend of convenient transactions, ANZ Bank will introduce contactless technology to its Eftpos terminals across Australia and New Zealand to accept UnionPay International cards. In an aim to cater for the growing number of Chinese tourists, students, and business people who travel to Australia and New Zealand, and who are UnionPay International customers, UnionPays QuickPass contactless capability will be implemented into approximately 90,000 ANZ Eftpos terminals. Myer, Harvey Norman, and DreamWorld will be among the first businesses in Australia to offer the functionality.

ANZ said it will launch the contactless technology in New Zealand by the end of 2015. The bank also plans to introduce UnionPay International magstripe and pin-and-chip compliant acceptance to its Eftpos terminals and ATMs across 11 markets in Asia Pacific from early 2016. ANZ CEO Mike Smith said it was obvious that its payment terminals needed to be able to provide contactless payment options to UnionPay International customers.


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Keywords: MasterCard, MasterPass, growth, APAC, increase, South East Asia, e-payments, customers, banks, in-store
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce