Synopsis: Mastercard has launched its Pay Local service, enabling both residents and international travelers to easily link their credit or debit cards to digital wallets, facilitating card payments at over 35 million participating merchants across the Asia Pacific region. This innovation eliminates the need for prepaid account setups or top-ups, streamlining transactions and enhancing accessibility.
In anticipation of the Singapore FinTech Festival, Mastercard has introduced Mastercard Pay Local, a cutting-edge global service allowing cardholders to use their credit or debit cards with local digital wallets for seamless shopping experiences.
This development, aimed at Asia Pacific and other regions where digital wallets are prominent, enables international travellers to make convenient, real-time payments at over 35 million merchants without needing to establish or top up a prepaid account.
Digital wallets like DANA in Indonesia, Touch 'n Go in Malaysia, and LankaPay in Sri Lanka have partnered with Mastercard to enable this service, thus broadening access for international visitors to make card-based transactions.
Mastercard’s existing partnerships with wallets such as Alipay, Weixin Pay, and Octopus bolster this initiative, expanding secure digital payment options globally.
The service is particularly beneficial for micro, small, and medium enterprises (MSMEs) by extending payment acceptance with minimal infrastructure changes.
Additionally, card issuers stand to benefit as they expand payment options to millions of merchants.
This collaboration also contributes to regional financial mobility, with major wallet providers reinforcing the significance of cross-border digital payment accessibility.
Alan Ni, CEO of TNG Digital, emphasized the positive impact on Malaysia’s tourism and economy, with over 2 million merchants offering cashless transactions for inbound tourists.
In conclusion, Mastercard’s Pay Local service represents a significant step in global financial integration, simplifying cross-border payments while supporting local businesses.
As more digital wallets adopt this service, Mastercard enhances consumer choice and convenience in emerging markets, making cashless transactions accessible to a broader audience.
This strategic expansion underscores Mastercard’s commitment to inclusivity and seamless financial mobility.
Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. Please consult a qualified advisor for guidance specific to your financial situation.
