Embracing Hongkongers’ growing passion for online shopping, Mastercard Inc (NYSE:MA) launched MasterPass, a new digital payment platform, for the first time in Hong Kong, delivering a seamless, faster and safer online shopping experience for local consumers.
With MasterPass, consumers can securely store their MasterCard and other branded card information all in one convenient place, along with shipping and billing address. Allowing consumers to conveniently access the payment details in their wallet during checkout eliminates the need to enter payment and shipping information with every purchase, and simplifies the process of completing a transaction, with just a click, tap or touch, anywhere, on any connected device.
Seeing the enthusiasm of Hong Kong consumers have towards the emerging digital lifestyle and enhancing their online shopping experience, MasterCard is partnering with Bank of East Asia, China Construction Bank, Dah Sing Bank and DBS Bank to launch branded MasterPass digital wallets. With the payment brand they know and trust, in partnership with their banks, local consumers are now free to explore the world of online shopping without worries or payment frustrations.
MasterPass is now accepted at a wide variety of online merchants in Hong Kong, including Broadway Circuit and Zuji, in addition to more than 250,000 online merchants around the world, providing a more secure and convenient options for Hongkongers to pay for flight tickets, clothes, beauty, products and even food online.
While consumers can skip the hassle of filling out personal information on each purchase and shop confidently with multi-layered security, MasterPass also benefits merchants by fostering loyalty, as a consumer’s loyalty card can be passed automatically to merchants along with payment details during checkout.
“According to the latest MasterCard Online Shopping Survey in Hong Kong, nearly 90% of local consumers love to shop online using their mobile devices. We have also found that security and reputation of the website are both top considerations for local consumers when shopping online,” said Anna Yip, Head of Hong Kong and Macau, MasterCard. “MasterPass addresses the concerns of online shoppers, as well as their needs of speed, ease and convenience by offering a one-stop secure payment platform for our digitally-savvy consumers, who are looking to shop and pay safer, faster and simpler. MasterCard is leading the transition to digital payments with the convergence of innovation and digital lifestyle.”
MasterPass is now available to over 40 million consumers across Asia/Pacific. In addition to Hong Kong, Taiwan made its MasterPass debut last October, while the solution is also available in Australia, Canada, China, Italy, New Zealand, Singapore, the United Kingdom, the United States and many other countries around the world.
Supporting banks and partners quotes
“We notice a significant growth in credit card spending for online shopping as customers nowadays shop through various platforms. We are excited to launch BEA MasterPass in partnership with MasterCard, which offers our customers an easy and simple way of payment. We are committed to providing effortless online shopping experiences for our customers,” said Christine Lo, Head of Retail Lending Department, The Bank of East Asia
“LongPass, a free e-wallet based on MasterCard’s digital platform MasterPass, is an important component in our focus on easier, more secure and swifter payment solutions for both merchants and consumers, online and mobile. This is a significant step towards increasing customer loyalty in merchants as well as facilitating consumers to make faster and easier purchases online,” said Miranda Kwok, President & Executive Director, China Construction Bank (Asia).
“Dah Sing Bank has a strong focus on integrating the credit card and digital technology to revolutionary payment method, not least when they shop online. Expecting smart, speedy and safe payment solutions, our customers can now purchase online through Dah Sing MasterPass, a digital wallet that we debuted with MasterCard today. Simply one-click via online checkout and enjoy hassle-free online shopping experience,” said Phoebe Wong, Executive Director and Head of Retail Banking Division of Dah Sing Bank.
“These days, online shoppers have become more sophisticated and choose carefully. We believe offering a secure payment solution through a reputable platform is the key to success. We are excited to launch our own branded digital wallet, DBS MasterPass, in Hong Kong, giving customers more control over the way they shop and pay,” said Ken Chew, Executive Director, Cards & Unsecured Lending, DBS Bank.
“Online travel booking has grown popularity in Hong Kong in recent years and this emerging trend will soon become a new travel purchasing habit. With less typing and stored preferences, MasterPass makes checkout fast and simple for consumers, lowering the cart abandon rate and increasing conversion,” said Charlie Wong, Chief Executive Officer of Zuji.
“We see more and more customers making movie ticket purchases online, which is undoubtedly a growing trend for the future. With MasterPass, our consumers benefit from simple functionality, as they can enter and save all card details and information in their account, especially when they buy tickets with a mobile device. MasterPass can save their time entering the 16-digital credit card number and other information in the small boxes on the screen. This is a true advantage for our busy, on-the-go customers,” said Grace Cheung, General Manager of Broadway Circuit. (Original Source)
Shares of Mastercard Inc closed yesterday at $95.50. MA has a 1-year high of $96.31 and a 1-year low of $69.64. The stock’s 50-day moving average is $93.62 and its 200-day moving average is $89.28.
On the ratings front, Mastercard has been the subject of a number of recent research reports. In a report issued on June 29, Suntrust Robinson Humphrey analyst Andrew Jeffrey reiterated a Buy rating on MA, with a price target of $120, which implies an upside of 25.7% from current levels. Separately, on June 1, Deutsche Bank’s Bryan Keane reiterated a Buy rating on the stock and has a price target of $100.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Jeffrey and Bryan Keane have a total average return of 4.6% and 13.9% respectively. Jeffrey has a success rate of 63.0% and is ranked #1242 out of 3702 analysts, while Keane has a success rate of 80.3% and is ranked #308.
Overall, one research analyst has assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $98.67 which is 3.3% above where the stock closed yesterday.