As more Singaporeans transact online, MasterCard is launching the next generation of online payment solutions with a seamless checkout solution that eliminates passwords, protects data with smart security and makes transactions a breeze with just a few clicks.
MasterCard research is showing that as we shop more online during this Covid-19 pandemic, it is increasingly likely that this trend will continue as the norm and that shoppers will be expecting maximum convenience when buying online.
E-commerce is on the rise in the Asia Pacific found a MasterCard study , with 30 per cent of people in Australia, 49 per cent in India, 55 per cent in China and 34 per cent in Japan planning to make more purchases online.
At the same time, consumers think less in-store shopping is here to stay – 38 per cent in Australia, 68 per cent in India, 57 per cent in China and 40 per cent in Japan.
Even without shopping online, contactless payments is definitely taking off thanks to concerns over the spread of Covid-19 with 91 percent of consumers in the Asia Pacific say they are now using tap-and-go payments.
Greater convenience with security
To improve the user experience for both consumers and merchants, MasterCard is broadening the reach of the Click to Pay online checkout solution to Asia Pacific as part of a global expansion with American Express, Discover and Visa.
Together, the big four credit card companies are looking to make things easier for consumers and merchants. Launched in the US last year, the expanded rollout now covers Australia, Brazil, Canada, Hong Kong, Ireland, Kuwait, Malaysia, Mexico, New Zealand, Qatar, Saudi Arabia, Singapore , United Arab Emirates and the United Kingdom, for this first wave.
For merchants, a single virtual terminal for all card brands is expected to help reduce issues at the checkout and lead to reduced cart abandonment.
Click to Pay makes online shopping easier for consumers by replacing manual key entry of personal account numbers and information at checkout with a universal payments button.
According to MasterCard, Click to Pay uses advanced payment technology to ensure that you, and only you, are accessing your profile.
A remembered user needs no password and will be recognised at checkout. If you’re not a remembered user, enter your user ID – the email address associated with your Click to Pay profile – to receive a one-time verification code. This will allow you to access your Click to Pay profile and check out securely in just a few clicks.
For additional security, verification is always required to update personal information. You may also need to provide verification if there is unusual activity with your Click to Pay profile.
Previously, MasterCard had been among the first credit card companies to launch security initiatives like using selfies and enabling wireless payments on your devices.
Deborah Heng, Country Manager, Singapore, MasterCard, said:
"With well-developed infrastructures and a digitally savvy population, Singapore is a mature market for e-commerce. Covid-19 has further accelerated this trend, with consumers preferring to make contact-free purchases online to fulfil their various needs.
"More small businesses have also embraced the digital economy so as to continue reaching their consumers and generating revenues during the lockdown and isolation periods."
This article was first published in Hardware Zone.