MasterCard to Work with Financial Institutions and Government to Cater to the Immense Growth Opportunities in the Market

MasterCard Worldwide announced that it will work with customer financial institutions and the government to bring more innovation to commercial transactions and payment solutions to Nigerian consumers. Vicky Bindra, president, Asia/Pacific, Middle East & Africa, MasterCard Worldwide, who was recently in Nigeria on a two day visit, shared this at a dinner in Lagos. 

At the dinner, Bindra addressed an audience made up of top officials from Nigeria's financial sector. He highlighted that MasterCard will work closely with governments across Africa to help build the payments infrastructure and facilitate the growth of e-commerce.

"MasterCard is committed to making it easier for you to grow your business. We are focused on providing you with a range of innovative payment solutions to cater to the immense growth opportunities in this market," said Bindra.

MasterCard places its customers - banks and other financial institutions - at the core of its business strategy. This has transformed the organization into an advocate for its customers' businesses aiming to add value as partners for mutual success. Besides delivering value to its customers and other stakeholders, MasterCard is also committed to the continuous promotion and advancement of electronic payments and the displacement of cash and cheques across the globe. 

Bindra's visit to Nigeria has come at a time when many of the market's financial institutions are developing. This opens new business opportunities for the market's financial institutions by helping them to do business effectively with other financial institutions all over the world. In addition, the financial institutions will be able to benefit by leveraging key MasterCard innovations in the Asia/Pacific, Middle East & Africa region. 

While in Nigeria, Bindra also visited top government officials including the Minister of Finance, Dr. Mansur Muhktar, and Deputy Governors of Central Bank of Nigeria, Mr Tunde Lemo and Dr Sarah Alade. 

Bindra, a Chartered Accountant and alumnus of the MIT Sloan School of management, joined MasterCard in 2009 when he was appointed President, Asia/Pacific, Middle East & Africa region. He brings with him many years of experience in banking and financial services, which will help enable MasterCard to drive innovation in Africa's payments industry. 

Key MasterCard Innovations in the Asia/Pacific, Middle East &Africa region

The Asia/Pacific, Middle East & Africa region has been witness to the development and launch of a number of innovative payment solutions from MasterCard, aimed at catering to the diverse needs of consumers.

MasterCard® PayPass™ 

MasterCard PayPass is the contactless payment solution by MasterCard, which allows consumers to simply tap their PayPass card or device on a merchant terminal to make payment, instead of swiping their card or handing it to the cashier. PayPass was launched in Asia/Pacific in 2004, in Japan. 

• In 2005, MasterCard, together with a consortium of six industry players, began the Kaohsiung City Government (KCG) e-ticket transportation project. The introduction of this payment solution for Southern Taiwan's transportation system included the launch of the world's first MasterCard OneSmart™ PayPass™ Chip Combi Card. The card, formally known as the TaiwanMoney Card was issued by Cathay United Bank and E.SUN Bank. The card combines MasterCard credit, debit, Mondex® stored value features, access to the Cirrus® Global ATM network and the MasterCard PayPass contactless functionalities.
• In 2006, MasterCard launched the world's first watch equipped with MasterCard PayPass. The watch was created in collaboration with Chinatrust, one of the largest credit card issuers in Taiwan, LAKS GmbH, a well-known Austrian watchmaker, and On Track Innovations Ltd, a global leader in contactless microprocessor-based smart card solutions. The limited edition Chinatrust MasterCard PayPass watch was issued as a companion device to MasterCard credit cards.
• In 2007, MasterCard Worldwide, in collaboration with Banco de Oro, introduced the first publicly available contactless card program in the Philippines - the BDO International ATM MasterCard PayPass card.
• Mongolia's first contactless payment solution was the MasterCard PayPass Petrovis Petrol Credit Card launched in collaboration with Golomt Bank in 2008.
• In 2009, in collaboration with MasterCard, Emirates NBD launched the Middle East and Levant's first wrist watch equipped with MasterCard® PayPass™. The Emirates NBD MasterCard PayPass watch allows consumers to make purchases under AED 100 without the need for a signature or PIN at select merchants within the UAE.
• MasterCard PayPass on mobile is available or being trialed by MasterCard in Australia, India, Japan, South Korea, the Philippines, Taiwan, and the United Arab Emirates.

Premium Products

• The MasterCard Titanium Card was conceptualised and developed in Asia, to cater to the needs of customer financial institutions looking for a unique product for the upwardly mobile and financially confident consumer. The card program, first launched in Asia in 2004, comes with a host of unique benefits and services to complement the lifestyle of the trendy and hip target consumer.
• Africa's first World MasterCard card - MasterCard's prestigious card program aimed at the affluent - was launched in Nigeria in 2009 by Guaranty Trust Bank in collaboration with MasterCard.

Women-Focused Cards

• MasterCard is a leader in women's card programs in the region. It launched the first women's card in Asia/Pacific - the UOB Ladies' Card in 1989. Since then over 70 women's card programs have been launched in Asia/Pacific and the Middle East.
• MasterCard and Guangdong Development Bank launched the first international credit card specially designed for women in China in 2002: the Guangfa Ladies' Card.
• In Kuwait, the Laki Titanium MasterCard Card launched by National Bank of Kuwait in collaboration with MasterCard, is the first women's card in the market.
• The SAMBA Al Khair Ladies' MasterCard credit card launched in the Kingdom of Saudi Arabia is the world's first ladies' Sharia compliant Titanium MasterCard credit card.

Co-Brand Card Programs 

• MasterCard pioneered the concept of co-branded card marketing in Asia/Pacific in 1990.

Miscellaneous

• In China, MasterCard was the first international payment card brand, with the issuance in 1985 of the first credit card in the People's Republic of China.
• China's first international corporate card was a MasterCard card introduced in 1997 through the China Industrial and Commercial Bank.
• The first co-branded credit card in China was introduced in 1995 by the Industrial and Commercial Bank of China (ICBC) and Shanghai Airlines in association with MasterCard: the Peony Shanghai Airlines MasterCard card.
• In 1998, MasterCard and Citibank announced the introduction of the first truly global debit card in Japan. For the first time, Japanese Citicard cardholders were able to pay for services and goods overseas, using their Citibank Maestro-branded cards.
• In 2001, MasterCard announced the launch of the first ever Fleet Card in Asia. The MasterCard Fleet Card, rolled out initially in Taiwan, was designed to help companies better track and manage the significant expenses associated with commercial vehicle fleets.
• In Thailand in 2004, MasterCard joined forces with Krungsri GE to launch the Krungsri GE Lady MasterCard, the world's first fragrant card.
• MasterCard MoneySend™ is a person-to-person money transfer service that allows participating customer financial institutions to use the global network and card products of MasterCard to facilitate domestic and cross-border remittances via ATM, Internet, bank branch and mobile phone. Currently, the MoneySend program is operational in several markets in Asia/Pacific.

About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. Follow us on Twitter: @mastercardnews.