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Asian Consumers Seek Better Tools to Manage Their Spending
A recent MasterCard survey conducted from between December 2010 and January 2011 showed that consumers in South East and South Asia have keen interest in services that would give them greater flexibility in managing their spending on payment cards.
MasterCard to Launch inControlTM to Meet Consumer Demand in South East and South Asia from H2 2011
Singapore, 18 April 2011: A recent MasterCard survey conducted by Harris Interactive, from between December 2010 and January 2011 showed that consumers in South East and South Asia have keen interest in services that would give them greater flexibility in managing their spending on payment cards.
Of the 2,416 respondents surveyed across Singapore, Malaysia, Indonesia, Thailand, the Philippines and India:
• 82 percent expressed excitement in such a service
• 65 percent said they are likely to sign up for the service when it is available
• 44 percent affirmed that they would switch to a payment card that provides such a service if their current cards did not offer it
• 77 percent said they would use their payment card more frequently, if such a service were available on it
The survey and its accompanying reports do not represent MasterCard financial performance.
Respondents cited the ability to monitor and control expenses in a manner customized to their lifestyles, and a greater sense of security for using payment cards as the main reasons why they would welcome the service.
Leveraging the research insights, MasterCard is working with financial institutions to progressively roll out a new service across markets in South East and South Asia later this year that would help consumers manage their spending.
MasterCard inControl is an innovative web-based solution that will give cardholders flexibility in setting spending controls and receive real-time information on their MasterCard cards in several ways:
In 2010, e-Commerce transactions for MasterCard grew by 46% year-on-year in South East and South Asia markets. In spite of the growth, a separate MasterCard study on e-Commerce found that 54% of respondents do not shop online because they are unsure if it is secure or safe to make transactions online. MasterCard inControl provides a safer and more secure solution to these cardholders by giving them the ability to create temporary online shopping card numbers for use only when they want to make purchases online. With this service, MasterCard cardholders are also able to determine the maximum spend per online shopping card number, limiting their online exposure.
MasterCard inControl will be available not just to manage expenses for the family, but also to businesses to manage their business purchases and expenses.
“MasterCard inControl empowers consumers to take a more proactive and personalized approach to managing their accounts. We are pleased to be the first in the payments industry to launch this innovative tool across South East and South Asia,” says David Chan, Head of Customer Delivery, South East and South Asia, MasterCard Worldwide. “inControl will give consumers and businesses more choices, greater control and added security when managing their finances.”
About MasterCard ® inControl TM
MasterCard inControl is an innovative, flexible service which enables issuers to easily introduce payment products that offer unparalleled controls and alerts to both consumer and commercial cardholders. The suite of inControl offerings satisfies strong end-user needs for high security and controlled access to spending accounts, while providing cost-efficiencies and speed-to-market for issuers without the need to change the payment process at the merchant.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard InControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
Mei Yu Hong, +65 6825 8045, email@example.com