Leveraging Mastercard Send™, millions of WhatsApp users can now use their phones to simply and easily transfer money instantly (24 hours a day, 7 days per week)1 . As social distancing measures propel consumers to seek alternative, touch-free payment methods, consumers can use WhatsApp to transfer money and make and receive payments seamlessly, securely and in a contact-free way. Paying friends and family just got easier Person-to-person payments (P2P) are experiencing significant growth across the world, driven by technologies and mobile platforms that consumers enjoy using at little-to-no cost to them. Globally, domestic P2P transfers are expected to reach more than $2.07 trillion in volume by 20222. Until now, the P2P user-experience in Brazil was cumbersome and time consuming. Consumers had to identify money transfer services and provide bank account information for recipients, who could wait days to receive funds. With the enablement of P2P payments on WhatsApp, Brazilians will be able to send and receive money conveniently and securely by registering their debit card through the most popular instant messaging app in the country, eliminating the risks and inefficiencies associated with other payment methods including cash. The new solution responds to the needs of Brazilians who are increasingly looking for quick and safe ways to send and receive money, whether it is to reimburse a friend for a meal, to pay a roommate for rent, or simply lend money to a family member. The inclusion of small businesses in electronic payments In addition to making transfers, WhatsApp users can also pay small businesses through the WhatsApp Business Application. This allows for instant digital payments of goods and services to millions of small businesses in Brazil. Mastercard cardholders can register their credit or debit card to make their purchases securely. According to a recent study3, 60% of Brazilian consumers already use WhatsApp to interact with small businesses, be it to order products, negotiate prices or schedule appointments. Enabling payments through WhatsApp will now allow consumers to complete the shopping journey with their favorite businesses without leaving the application. “Adding a payment functionality to WhatsApp is a logical evolution to answer the needs of both consumers and small businesses in Brazil. The possibility to make purchases from small merchants through WhatsApp will support millions of local businesses which have been heavily impacted by the recent crisis as well as meet the demands for Brazilian of users who are looking to send payments to their friends and family each day,” said Kiki Del Valle, Senior Vice President, Digital Partnerships, Mastercard Latin America and Caribbean. “We are very excited to bring payments on WhatsApp to our users across Brazil. Making it easier to send and receive money could not be more important than at a time like this,” said Matt Idema, WhatsApp’s Chief Operating Officer. “Small businesses are the backbone of the country. The ability to easily make sales right within WhatsApp will help business owners adapt to the digital economy and to support growth and financial recovery.” Security in every WhatsApp payment transactions Linking their preferred credit or debit card within the app is highly secure thanks to the use of Mastercard’s state-of-the-art tokenization solution. The tokenization technology protects cardholder information by replacing the original 16-digit card number with a unique alternative number, or “token,” which is associated with each WhatsApp user’s individual account and not functional elsewhere. Once the token has been created, consumers will need to input their security PIN each time they want to perform a transaction. Click on the link to learn how to use this new service: www.whatsapp.com/payments/br About Mastercard (NYSE: MA), www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. 1 Actual posting times for approved transactions will depend on the receiving financial institution 2 Juniper Research, 2018, Digital Money Transfer & Remittances 3WhatsApp Economic Impact Report-final.pdf 4 Mastercard, 2019, P2P Payments Research
Posts Tagged ‘MasterCard’
Consumers cite simplicity, cleanliness and speed through checkout experience as contactless payments booster
– Mastercard champions effort to raise limits for contactless payment transactions across Latin America & Caribbean
MIAMI, April 30, 2020 /PRNewswire-HISPANIC PR WIRE/ – During first quarter of 2020, as many countries imposed necessary restrictions on social distancing, a growing number of consumers in Latin America & Caribbean (LAC) turned to contactless payments for necessary purchases, a new Mastercard study shows. According to the survey, 35% of people in the region have increased their usage of contactless payments, citing simplicity, safety and cleanliness.
Consumer polling by Mastercard paints a picture of accelerated and sustained contactless adoption. This shift in consumer behavior is particularly clear at checkout as people express a desire for contactless cards and concerns over cleanliness and safety at the point of sale, according to the study. In fact, findings of the study show that the impact of social distancing and other safety guidelines on consumer payment behavior is extensive:
- 56% of Latin Americans said they are more aware of dirtiness of cash.
- 84% of Latin Americans believe contactless is a cleaner way to pay.
1. Mastercard’s own initiatives, along with the intelligence of its technology, data analytics and investments in security, will continue to propel a world beyond cash. Already, more than half of consumers around the world (63%) are using cash less often, or not at all, since the pandemic began. The same is true in LAC, where on average 66% of consumers are using cash less often, or not at all:
- 77% of Brazilians indicated that they are using cash less, or not at all, since the pandemic.
- 61% of Colombians indicated that they are using cash less, or not at all, since the pandemic.
- 68% of Costa Ricans indicated that they are using cash less, or not at all, since the pandemic.
- 58% Dominican Republicans indicated that they are using cash less, or not at all, since the pandemic.
2. Consumers are quickly appreciating the benefits of contactless payments with 79% across LAC finding them more secure when compared to keeping or paying with cash. Additionally, regional consumer polling by Mastercard indicated sustained contactless usage with consumers preferring the quick and efficient checkout experience.
- 78% of Latin Americans indicated they will continue using contactless payments even after the pandemic is over.
- The belief was even stronger among those under the age of 35, where 82% of this population indicated continued use post-COVID.
“As we all experience the first global pandemic in an age defined by the digitalization of our lives, contactless card payments have taken on a new urgency. It has been both encouraging and gratifying to see our partners throughout the LAC region adopt the changes and acceleration of contactless. The technology is available, and it’s clear that the change we are witnessing in consumer behavior is here to stay,” said Walter Pimenta, Senior Vice President, Products & Innovation, Mastercard Latin America and Caribbean.
Accelerating faster, cleaner, safer payments
Throughout the world, Mastercard has been spearheading the transition to contactless for more than 15 years, championing it as the simple, safe and fast way to pay. As a region with countries where contactless technologies are a newer experience, LAC has seen a rapid increase in infrastructure, with 75% of point of sale terminals ready to accept contactless transactions, and 60% of financial institutions issuing contactless-enabled cards.
In March, Mastercard led a move to increase the contactless payment limits across the LAC region as people looked for safer ways to pay in the wake of the COVID-19 pandemic. Today, four countries have already raised their contactless payment limits including, Colombia, Argentina, Dominican Republic and Costa Rica, with many others expected to follow soon. The initiative is in line with similar actions taking place around the world as health officials recommend social distancing and a growing number of merchants are encouraging consumers to pay with contactless instead of cash to avoid contact.
“As the spread of COVID-19 highlights the steadfast mindset for ‘contact-free’ environments and experiences in many aspects of our lives, the increased interest in contactless payments is far reaching. We believe in providing consumers with the freedom of choice in how they pay and peace of mind when they pay. With increased convenience and security, we look forward to expanding the contactless footprint more than ever before,” added Pimenta.
Contactless Payments Growth
As consumers increasingly seek out ways to quickly get in and out of stores without touching terminals, Mastercard data reveals over 40% growth in contactless transactions globally in the first quarter of 20201. Further, 80% of contactless transactions are under $25, a range that is typically dominated by cash. LAC, a less mature region when it comes to contactless penetration, saw exponential growth, with contactless transactions up 500% overall since March of last year.
While countries worldwide are at different stages of contactless card deployment and usage for daily shopping habits, Mastercard’s insights on grocery and pharmacy trends – two areas where many day-to-day essentials are being purchased – showed that nearly all regions experienced significant spikes in February and March. Further, reinforcing changing behaviors and consumer checkout preferences, Mastercard saw the number of contactless card payments at grocery stores and pharmacies grow twice as fast as non-contactless transactions globally2.
Notes to Editors:
1 Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to March 2019, at Grocery and Pharmacy categories
2Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to February 2020, at Grocery and Pharmacy categories
- Online interviews of 17,000 consumers in 19 countries worldwide
- 1,000 banked respondents per country in the US and Canada (North America); Australia, Singapore (Asia Pacific); UAE, Kingdom of Saudi Arabia, South Africa (Middle East and Africa); UK, Italy, France, German, Spain, Poland, Russia, the Netherlands (Europe).
- 500 banked respondents per country in Brazil, Costa Rica, Dominican Republic, and Colombia (Latin America and the Caribbean)
- Research conducted April 10-12, 2020
- Nationally representative sample
- Readable sample sizes of:
- Gen Z/Millennials
- Affluent [defined at a country level]
- Contactless users
- Primary shoppers
- Those with high levels of concern about Covid-19
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
As part of MasterCard’s sponsorship of the festival, cardholders will receive a $15.00 discount on event tickets when using their MasterCard.
San Juan, Puerto Rico – For the sixth consecutive year, MasterCard and the Priceless Puerto Rico program have joined the biggest culinary festival of the Caribbean, Saborea Puerto Rico: A Culinary Extravaganza, as the exclusive card of the event. As part of this union, MasterCard’s debit and credit cardholders will receive a discount of $15.00 on the purchase of admission tickets. Moreover, MasterCard Black cardholders will have privileged access to the MasterCard VIP pavilion, where food and drink will be served in an exclusive environment within the event.
According to Manuel Catedral, general manager for MasterCard in Puerto Rico, “to be part of this important festival is of great importance, because it stimulates tourism, gastronomy, and the local economy. Without a doubt, it positions our Island of Enchantment as the culinary destination in the Caribbean, in line with the focus of our Priceless Puerto Rico program.”
The culinary festival will be held from April 5 through 7 of 2013 at Escambrón Beach, reaffirming itself as one of the main attractions for domestic and international tourism. The event will include multiple live demonstrations of chefs, tastings of local restaurants, pavilions of drinks and desserts, music, and entertainment.
“At MasterCard, we know that our users, both local and international, are passionate about gastronomy, which is one of the pillars of our Priceless Puerto Rico program. For this reason, we know that supporting events such as Saborea and providing this attractive discount offers a large added value to our cardholders, since it makes the event more accessible to them. We are quite proud to provide these benefits as part of our Priceless Puerto Rico program,” emphasized Lorena Holguín, vice president of marketing for MasterCard in the Caribbean.
Priceless Puerto Rico is a MasterCard program that provides its cardholders with discounts, offers, and exclusive experiences. The program has been implemented since July, 2011, with Puerto Rico being the first Caribbean country to join the program. Its purpose is to enrich the experience of the MasterCard cardholders, both local and international, through discounts, offers and priceless experiences. The program has experiences and benefits in six categories, based on the following consumer passion points: gastronomy, sports, music and entertainment, purchases, trips, and art and culture.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the payment processing industry at the global level. It operates the fastest payment processing network in the world, connecting consumers, financial institutions, merchants, governments, and companies in more than 210 countries and territories. MasterCard’s products and solutions make daily commercial activities – such as making purchases, traveling, managing businesses, and administering finances – easier, safer, and more efficient for everyone. Follow us on Twitter@MasterCardNews, join the conversation on the blog Cashless Conversations Blog, and subscribe to receive the latest news.Click Here for More Information »