MasterCard and Visa (Cards and Other Financial Products) | S1

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I: MasterCard and Visa (Cards and Other Financial Products) | S1
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MasterCard launches 'virtual wallet'


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Source : http://www.abs-cbnnews.com/business/02/26/13/mastercard-launches-virtual-wallet

LONDON - Mastercard unveiled its bid to dominate the mobile payments market on Monday with a 'virtual wallet' allowing customers to keep personal payment details in their phone and avoid checkouts by scanning bar codes in-store to pay.

Financial services companies like the U.S. credit-card company as well as technology names Google and eBay Inc's PayPal are looking for ways to capitalise on the prevalence of consumers' sophisticated phones by providing programs that house credit and debit cards, coupons and store loyalty program details virtually.

Mastercard said its MasterPass service, effectively an app, would let customers pay for their goods without approaching a cashier by instead scanning a bar code and creating a digital receipt on their phone or tablet that can be shown as they exit the store.

It can also be used for easier online payments, allowing customers a "one click" way to pay without the hassle of having to input their credit or debit card details each time.

It comes almost a year after MasterCard's first foray into the mobile payments market with PayPass, which let customers pay at store tills by simply tapping their cards against a sensor.

The U.S.-based credit card company said the MasterPass system would be rolled out in Australia and Canada by the end of March. The United States will follow later in the spring, ahead of the UK in the summer.

Participating retailers include Argos, Boots and American Airlines, while banks which have signed up include Spain's BBVA and Santander, Citigroup in the United States, Italy's Intesa Sanpaolo and Sweden's Swedbank .

Ed McLaughlin, chief emerging payments officer at MasterCard, said banks would pay to use the technology, but would not give any detail on what the charges would be. Banks will also be able to use a "private label" version that can wrap their own cards into the MasterPass virtual wallets.

McLaughlin would not give details on MasterCard's usage targets for MasterPass, but said it was his company's "big play" for the next generation of payments technology.

Last month MasterCard posted fourth-quarter results that topped Wall Street estimates as more people chose card payments over cash, but it warned that global economic woes could slow revenue growth in 2013.

Both it and larger rival Visa Inc are working to spread card payments in parts of the world dominated by cash transactions. Mastercard is now focusing on tie-ups with banks in Africa and Brazil, where mobile and card payments are on the rise. It has also linked up with TIM, the second-largest mobile network operator in Brazil, to launch a mobile money program for its subscribers.

But MasterCard has its work cut. While the area of mobile payments is widely seen as the next big money-spinner, companies are so far struggling to make money from them. There is also a raft of different products coming to market.

Visa Inc will soon be rolling out its own digital wallet service, V.me while last week PayPal launched a new European version of its mobile payments service that merchants can run on Apple Inc iPhones and Android-based smartphones.

Meanwhile tech start-up Square, headed by Twitter co-founder Jack Dorsey, has attracted thousands of small merchants in recent years by offering a free card reader that attaches to smartphones and handles payments for a flat fee.
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Comments

  • brownpaubrownpau Member PExer
    My bank just sent me an app form for a free upgrade of my ATM card to a Visa Electron debit card, which when charged, subtracts the money straight from my account.

    There's appeal in the idea that I won't need to pay monthly bills, and I don't need the strict credit history that a normal credit card application requires.

    Of course, I'm understandably leery at the prospect that my card number could be used by uscrupulous elements to charge for stuff straight from my ATM, without hope of cash recovery if that should happen.

    So, any Electron users out there? How's the card usage working out? And is Visa Electron valid for Internet purchases where Visa is accepted?


    Just to pre-empt KDanny, here's the past thread we had on debit cards: http://www.pinoyexchange.com/forums/showthread.php3?s=&threadid=36696 :D
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Not a debit card user here, sorry.

    Some advice, if you care for it. If you must go with this product and wish to protect yourself from losses due to fraud/misuse, one way is to limit the potential losses. How? Open another account (Account 2) with the same bank and keep most of your money there. Move funds from Account 2 to Account 1 only when needed, and keep the Account 1 balance as low as possible. Your losses should then be limited to the (low) balance in Account 1. Gets?
  • brownpaubrownpau Member PExer
    Oo nga ano? I'll see what I can do, then.
  • zoelettezoelette Enlisted Chick PExer
    hi there I'm a visa electrn user. This is kinda a month delayed but I have been using my card for almost a couple of months now. I'm pretty satisfied with the service... except recently na may nangyaring blunder but was attended to within 24 hours.
    Its not a credit card. It basically deducts whatever purchases you have from your ATM account. so kung walang laman ang bank account mo on the time of your purchase you can't use your card. The advantage of using Visa electron is not carrying around too much change and avoiding to line up on an ATM machine... At kung walang cash and unavailable ang machine nila to swipe the card hindi ka makakabili... it all depends sa user...
  • pinboxpinbox pins and needles PExer
    i've been a visa electron user since last year! napahiya ako dati sa PAL when i tried buying domestic plane tickets kasi parang 4k-5k lang pala limit ko per day... puede naman yata apply for a higher debit limit pero ayoko din! :beam:
  • sexytotssexytots hot!!! PExer
    ...ako i'm using mastermoney...it's a mastercard debit card...from hsbc ung akin. :)
  • carloscarlos the Wanderer PEx Veteran ⭐⭐
    Just want to ask those who have electron cards. Is Visa Electron more widely-accepted? How are they in terms of Internet transactions? How about in merchants here in the Philippines? I'm planning to have a Unionbank EON Visa Electron Cyberaccount but I recently acquired a new Mastercard Electron from the new SMART Super Sim. Both I can use for Internet purchases according to their booklets.

    Thanks.
  • lupuSlupuS Mabuhay ang mga... PExer
    If I understand correctly, you may link a MasterCard electronic to your bank account in one of several participating banks, while you may only keep your money for the EON VISA electron at Union.

    Unless you really love the banking services at Union, why stick to them if you have a choice?
  • Ice BurnIce Burn Conflicting Karma PEx Veteran ⭐⭐
    None...I'd go for a credit card rather than a debit card.

    But I've heard that he mastercard is better than the visa cause it's more widely accepted...
  • KrakistaKrakista Speak to Win! PExer
    Actually, it all depends on the issuing bank if you look at how things work beyond the swipe of the card. The issuing bank has to have a very high uptime with their connectivity and authorizing computers. I tried Visa Electron issued by Equitable Bank in the New York subway ticket vending machines and Wendy's on a weekday and it worked. But it failed on a Sunday morning when I tried to get my train ticket to Newark airport so I had to get to the counter and pay in cash.
  • summit012summit012 Member PExer
    can one use visa or mastercard electron debit card in sending or receiving money then withdraw it in atm?
  • KrakistaKrakista Speak to Win! PExer
    I haven't tried withdrawing from an ATM using my Visa Electron but the issuing bank told me I can. I've tried withdrawing from my Cirrus-BPI ATM card last month at the airport in Singapore and it worked.

    I don't know of any bank that issues MasterCard Electronic that can be used with international merchants. American Express recently introduced their own prepaid card--the AMEX TravelFunds card which is not linked to bank account.
  • archerguyarcherguy Be there. PEx Influencer ⭐⭐⭐
    Been using Unionbank's EON Visa Electron for years...works fine in Internet transactions. The only bad thing about it is that their website tends to go off at midnight so you can't monitor your balances at night. But you can use the card anytime. My sister used it to withdraw from abroad and it worked fine.

    I also have Smart Money before but discontinued using it when I found out that they can't be used for Internet shopping (as of now accdg to their agents). If I were you don't apply for Smart Money...kasi I always receive text advisories of system downtimes for Smart money. There was even an instance when Smart Money couldn't be used for 2 days!

    Debit cards are cool, you use ur own funds. I hate credit cards (especially Citibank!). I like Equitable's services though. :)
  • summit012summit012 Member PExer
    what banks in the phil issue visa electron?
  • KrakistaKrakista Speak to Win! PExer
    AFAIK, Equitable and UBP.
  • pinay24pinay24 Member PExer
    I think depende nga din ata sa ISSUING BANK
    Me personally I am using BA Check card and can be use as credit/debit/Atm.
    Originally posted by Ice Burn
    But I've heard that he mastercard is better than the visa cause it's more widely accepted...

    Actually not true since there are a lot of online shopping store that does not accept MASTERCARD & that they only accept VISA. So I think & so far on all over the world mostly or widely accepted ang visa. Tsaka mostly sa mga Pinas bank you can withdraw money from the atm with Visa logo.

    And when it comes to sending money to the Philippines MOST of the agents or bank e-transfer or tele-transfer accepts VISA verified cards ONLY.
    Originally posted by summit012
    what banks in the phil issue visa electron?

    Visa Card Issuers in Philippines

    AIG CREDIT
    (63) 2 636 8600
    BANKARD
    (63) 2 634 6644
    CITIBANK
    (63) 2 995 9999
    EQUITABLE PCI BANK
    (63) 2 241 5991
    STANDARD CHARTERED BANK
    (63) 2 830 1111
    THE HONG KONG AND SHANGHAI BANKING CORPORATION
    (63) 2 878 7878
    UNIBANCARD CORPORATION
    (63) 2 870 0700
    UNION BANK OF THE PHILIPPINES
    (63) 2 84186
  • sayuri_succubussayuri_succubus batcave PExer
    Originally posted by pinay24




    Actually not true since there are a lot of online shopping store that does not accept MASTERCARD & that they only accept VISA. So I think & so far on all over the world mostly or widely accepted ang visa. Tsaka mostly sa mga Pinas bank you can withdraw money from the atm with Visa logo.

    And when it comes to sending money to the Philippines MOST of the agents or bank e-transfer or tele-transfer accepts VISA verified cards ONLY.



    Yeah. I would have to agree. Visa is widely accepted online and offline. I've been using Unionbank's Visa Electron to shop/pay online, I've used it in Amazon. No problem so far.

    I used to have the mastercard electronic card also but i cancelled it since it was useless anyway because most online shops only accept visa debit card :D
  • KrakistaKrakista Speak to Win! PExer
    Originally posted by sayuri_succubus
    Yeah. I would have to agree. Visa is widely accepted online and offline. I've been using Unionbank's Visa Electron to shop/pay online, I've used it in Amazon. No problem so far.

    I have also used it in Barnes & Noble, the brick and mortar store.
  • KrakistaKrakista Speak to Win! PExer
    Originally posted by Krakista
    But it failed on a Sunday morning when I tried to get my train ticket to Newark airport so I had to get to the counter and pay in cash.
    This may have been caused by the higher volume of transactions in Manila on a Sunday evening, a few days after payday. A shorter timeout must have been set in these vending machines.
  • KrakistaKrakista Speak to Win! PExer
    Visa Electron rejected in Abt at 2PM here, 3AM in Manila. :D

    I was just buying a US$26 Cuisinart coffeemaker on sale and not a US$1075 Beocom 2 phone or a $59,326 Hummer. :glee:

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