Mastercard Launches Pay Local to Transform Digital Payments in Asia

In a significant move to enhance digital payment solutions across Asia, Mastercard has launched a new service called "Mastercard Pay Local." This initiative aims to simplify the payment process for both local residents and international travelers, allowing them to use their credit or debit cards through local digital wallets. With over 35 million merchants in the Asia Pacific region accepting these payments, this service is set to revolutionize how people shop and travel.

Mastercard Pay Local enables users to link their cards to popular digital wallets such as DANA in Indonesia, Touch 'n Go in Malaysia, Bakong in Cambodia, and LankaPay in Sri Lanka. This means that whether you are a local resident or a tourist, you can make purchases without the hassle of setting up or topping up a prepaid account. This service is not only limited to Asia Pacific; it is also designed for regions like Latin America, Eastern Europe, and the Middle East and Africa, where digital wallets are commonly used.

Sandeep Malhotra, Mastercard's executive vice president for Products & Innovation in Asia Pacific, emphasized the benefits of this service, stating, "With Pay Local, Mastercard is extending its global network to partner wallets and expanding acceptance by making it possible for Asia's digital wallets to process card-based payments. This creates a low-cost, simple, stable, and secure connection between over 35 million merchants in Asia Pacific and two billion Mastercard cardholders." This statement highlights the ease and security that Mastercard Pay Local brings to consumers.

For international travelers, this service offers a seamless way to shop like a local. Tourists can use their Mastercard cards just as they would at home, eliminating the stress of currency exchange and cash handling. This innovation is particularly beneficial for those who wish to explore new places without worrying about payment methods.

Mastercard has already established collaborations with leading wallet providers, including Alipay and Weixin Pay in China, and Octopus in Hong Kong. These partnerships aim to provide a convenient payment experience for international visitors, regardless of where their Mastercard was issued. Additionally, several digital wallets in the region already accept Mastercard cards for funding, making it easier for users to make payments at various merchant locations.

Companies like DANA and Touch 'n Go have expressed their enthusiasm for this collaboration. Darrick Rochili, chief innovation officer of DANA, stated, "At DANA, we are committed to enhancing the accessibility and convenience of digital payments for all users. By collaborating with Mastercard, we are excited to offer international travelers a seamless way to register and bind their cards to DANA, furthering our mission of bridging financial inclusion across borders." Similarly, Alan Ni, CEO at TNG Digital, highlighted the importance of cashless transactions for tourists visiting Malaysia, stating that their collaboration with Mastercard allows them to extend cashless payment solutions to international travelers.

Mastercard Pay Local is a groundbreaking service that not only simplifies the payment process for consumers but also supports the growing trend of digital wallets in the global economy. As more people travel and engage in international commerce, services like these will play a crucial role in enhancing financial mobility and convenience. With Mastercard leading the charge, the future of payments looks promising, making it easier for everyone to shop and travel without the usual hassles.