Mastercard Forecasts Internet-Driven Growth in Asian Payments

Strategic Insights -

As the world enters the new millennium, Mastercard International predicts that the internet will be the driving force behind the growth of the payments industry in Asia. By 2000, nearly one-third of Asians are expected to have access to the internet, with over half of these households making online purchases. This trend is expected to revolutionize the way people shop, with virtual shopping becoming a norm in the region.

Key Takeaways:

  • Mastercard forecasts that by 2000, close to one-third of Asians will have access to the internet, with over half of these households making online purchases.
  • The company believes that virtual shopping will become a way of life for most Asians in the near future, similar to how email is an integral part of daily life today.
  • Mastercard has taken the lead in providing secure transactions over the internet through the development of the Secure Electronic Transaction standard.
  • The company has spearheaded electronic commerce programs in over 60 countries worldwide and has launched initiatives such as Shop Smart to educate consumers about safe online shopping.
  • Mastercard has partnered with Excite, a global internet company, to introduce the Excite Express Order, a simple e-commerce purchasing solution.
  • Asian consumers have shown growing confidence in purchasing online, with consumer confidence in online shopping increasing dramatically over the past two years.
  • Mastercard recognizes the regional economic crisis and remains committed to bringing consumers in Asia superior payment products.

Statistics:

  • By 2000, nearly one-third of Asians are expected to have access to the internet (Mastercard International).
  • Over 27 million consumers are already online (industry estimates).
  • Mastercard has spearheaded electronic commerce programs in over 60 countries worldwide.
  • The company has launched initiatives such as Shop Smart to educate consumers about safe online shopping.
  • Consumer confidence in online shopping has increased dramatically over the past two years.

Sources:

NB) -- By Staff Writer, The Nation, (1999 Jun 13)

Newsbytes.com, http://www.newsbytes.com (19990613/WIRES ASIA, ONLINE/)