|
|
|
|
|
MasterCard Reports Growth In Its E-Processing Business In Asia/Pacific, Middle East & Africa
Published Oct 27, 2010
|
MasterCard Worldwide announced that the Asia Pacific, Middle East and Africa (APMEA) region has seen a 38% year-on-year increase in the number of transactions processed through its e-commerce platform – the MasterCard Gateway Service (MiGS). In terms of gross dollar volume (in USD), these transactions represented a corresponding 66% increase for the first half of the year.
With 764 million Internet users in the Asia/Pacific region and 1.8 billion Internet users worldwide , e-commerce has become one of the world’s most significant trading channels. MasterCard has tapped into the e-commerce opportunity by providing the MiGS, a secure, robust Internet payment solution.
The APMEA region is the most vibrant for MasterCard in terms of the usage of MiGS, which processes what are commonly referred to as Card-Not-Present (CNP) transactions, including e-commerce, m-commerce, telephone and mail order transactions as well as electronic bill payments.
“Businesses and consumers around the world have embraced the internet and this has made a wide-ranging impact on the payments landscape. This trend is equally relevant for the Middle East & Levant where consumers have voted heavily in favor of online shopping, given the security, convenience and additional choice that it brings to their shopping experience. In fact, the latest survey on online shopping habits by MasterCard revealed that in the fourth quarter of 2009, the UAE had the highest average online shopping spend in the Asia/Pacific, Middle East and Africa region, of US$1,048”, said Patrick Hayes, vice president of product delivery, MasterCard Worldwide.
“In addition to fulfilling the needs of consumers, MiGS also provides merchants with valuable tools for day-to-day management of their e-commerce transactions and reduces operating costs. Moreover, the widespread use of MiGS by banks across the Middle East and Levant proves that it is successfully contributing to the e-commerce ambitions of the banking sector. The growth is a testimony that the innovative solution resonates with the demands of the local markets in the region”, he added.
As part of its broader processing strategy, MasterCard remains committed to raising the bar on innovation and providing solutions for the deployment of turn-key payment platforms. The company’s fully-integrated global payment platform enables its customer financial institutions to offer new, differentiated products to their cardholders; build new relationships; enhance customer loyalty; reach new segments; secure first-mover advantage and drive greater efficiencies.
MasterCard has recently entered into an agreement to purchase DataCash, a European payment service provider, with the intention to expand and enhance its successful MiGS gateway business, enabling merchants to gain new market reach and access to value-added services. DataCash offers a single interface that provides European e-commerce merchants with the ability to process secure payments across the world.
Contact:
Nadia Ejaz; GolinHarris (Dubai) ; +971.4.332.3308; nejaz@golinharris.com
Posted by
VMD - [Virtual Marketing Department]
|
|
|
