MasterCard and First Data to give APAC card customers more control
By Digital News Asia August 18, 2014
- Secure payment service supports e-commerce, say the two companies
- Empowers cardholders to manage online spending and improve security
MASTERCARD and First Data Corporation have announced a strategic alliance to provide ‘MasterCard inControl’ for banking clients and customers in Asia Pacific.
MasterCard inControl is a 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 two companies said in a statement.
The alliance between First Data and MasterCard will support e-commerce spending by giving cardholders greater control and providing reassurance with enhanced security features, they added.
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 (business-to-consumer) e-commerce sales in the region are expected to reach US$525.2 billion, compared to US$482.6 billion in the United States, the two companies said, citing an eMarketer report.
“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, Asia Pacific.
MasterCard inControl would be based on First Data’s FirstVision platform powered by VisionPLUS, a universal cards and payments solution covering a wide range of credit, commercial, debit and prepaid products.
First Data handles more than 100 million cards for leading banks in the region and is looking to grow footprint through its multi-product payment hub strategy with the recent launch of VisionPLUS Flex, the company said.
“MasterCard’s inControl solution will help our financial institution clients provide greater choice to their customers,” said Marc Mathenz, senior vice president and head of First Data’s Asia Pacific region.
“For banks, this solution will support new account growth, increase card usage, protect against e-commerce fraud and help build deeper customer relationships,” he added.
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