MasterCard launches digital wallet platform

[SINGAPORE] MasterCard yesterday launched its digital payment service, MasterPass, in Singapore. This service lets consumers store information from various kinds of cards, including credit and debit, issued by participating banks in "digital wallets".

After the initial set-up, shoppers will bypass the rigamarole of entering their 16-digit card number along with details like mailing address and shipping information each time they buy something from a merchant that offers the MasterPass payment option.

"Research shows that consumers prefer to see their financial information stored in wallets from their (card) issuers, because the issuers are whom they trust their money with. MasterPass supports wallets launched from financial institutions ... and that's a key difference," said Raj Dhamodharan, MasterCard's group head, emerging payments, Asia Pacific.