MasterCard Going After e-Commerce Market in Asia-Pac Including China

by Terry X Xie 0

MasterCard’s MiGSpayment gateway is benefiting from the booming e-Commerce inAsia-Pac even in today’s slow economy. According to an October newsreport:

MasterCard Worldwide today announcedthat the Asia Pacific, Middle East and Africa (APMEA) region hasseen a 38% year-on-year increase in the number of transactionsprocessed through its e-commerce platform – the MasterCard GatewayService (MiGS). In terms of gross dollar volume (in USD), thesetransactions represented a corresponding 66% increase for the firsthalf of the year.

The payments market inAsia-Pac has fared much better than in North America and Europe,largely thanks to continued strong growth in major markets such asChina and India. The growth of MasterCard’s MiGS business, however,came with little contribution from the China market which stilllargely excluded international card networks from its domesticmarket. MasterCard is trying hard to enter the market, especiallyin the online area.

Earlier this year MasterCardteamed with Alipay, the dominant online payment service provider inChina, to make MasterCard-branded cards issued in Hong Kong, Macau,and Taiwan to be accepted by AliPay’s 500K online merchants. Andthat partnership could expand to include cards issued in otherinternational markets as well. MasterCard also signed a MOU withthe domestic network China UnionPay to explore opportunities forcooperation in areas such as online payments.

Read theoriginal article here:MasterCard reports growth in itse-processing business in Asia/Pacific, Middle East &Africa

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