A world beyond cash is emerging in Asia, and will continue to rapidly grow, predicts MasterCard worldwide president for international markets Ann Cairns who visited Manila as part of her trip to major Asian cities.
“What strikes me about Asia is that it has tremendous opportunity for growth, as its economies are really vibrant, and in many places, the penetration of card products is still extremely low,” says Cairns, who is upbeat about the rise of consumers and businesses shifting to cashless transactions in the region, and sees Asia as key for expansion.
Today, 85 percent of transactions in Asia are still cash-based. The region is falling much behind Europe, where card payments accounted for 41 percent of all transactions in 2011 according to data from the European Central Bank.
To lead the charge into the Asian market, MasterCard employs different strategies and engages with various stakeholders. As Cairns explains, “We are working hard to make people realize the convenience, efficiency, manageability, and rewards of electronic payment solutions. We help merchants and banks understand the costs of cash to their business and change their behavior.”
“To encourage banks to move away from cash, we assist them in launching great card products with wonderful features and superior fraud control,” she adds.
MasterCard also actively promotes mobile payment technologies, a leading area of growth for cashless transactions in Asia according to Cairns. She especially envisions the installation of more mobile payment counters for consumer establishments and the spread of contactless solutions like PayPass, which became hugely popular in Australia and is now being embraced in Singapore.
Cairns is very positive about mobile payments taking off in the Asian market, that she feels it is no longer a question of the technological solution or the acceptance by the population, but of putting the right regulatory frameworks in place.
It is in developing these frameworks, she explains, that MasterCard will play a crucial role, drawing from its vast experience in many different markets around the RFID tag.
Above all, Cairns is confident about MasterCard entrenching its leadership in the Asian card payments market, through the company’s “very deep relationships with clients, customers and other stakeholders.”
In the Philippines, MasterCard reached out to different segments through product lines that cater to their specific needs. Today, it offers debit and credit cards targeting students, young professionals, women, corporates, among other niche markets. It is also looking to tap into the unbanked population by offering prepaid cards.
Moreover, the company has partnered with leading telecommunications firm Smart to launch the Smart Money MasterCard, a reloadable payment card. With similar partnerships in development phase, MasterCard is poised to achieve even more breakthroughs in the mobile payments domain, and the payment solutions industry in general.
Naturally, Cairns is proud of the accomplishments of the Philippine team. She says, “In the Philippines, we are now in an excellent position to seize the market, and realize our company’s vision of a world beyond cash.”
Under the scheme, central government employees and beneficiaries can register using their identity card details. According to the website, beneficiaries will be sent a password to the registered mobile phone. The beneficiary can use the password to log in and view his/her medical history.
Very few employees and retirees have used the facility so far. While employees say they would rather meet the doctor in person, retirees have been unable to access the facility.
T. Sadagopan, who runs a district information centre for retirees in Pattabhiram, said he had been trying to help the beneficiaries but without success. “My father retired from service and is covered under the CGHS. I have taken him for treatment several times to CGHS hospitals. The CGHS revises its panel of hospitals and diagnostic laboratories from time to time. We need to access such information regularly,” he said.
“Every time my father is provided medicine at a CGHS hospital, I receive an SMS alert. I have registered online and I received the password to log in. But I have tried several times but have not been able to open the account,” Mr. Sadagopan said. He said, no one has helped him or other beneficiaries to resolve the issue. “The CGHS helpline which works from 9.30 a.m. to 5.30 p.m. provides information. Online registration is a good move as beneficiaries from other states can access details about facilities elsewhere. This helps especially when they are either transferred or opt to settle in another city after retirement,” he said.
T. K. Damodaran, joint secretary of Ordnance Factory Pensioners Welfare Association said the beneficiary ID can help locate all the details such as the disease and the medicine provided. “But I have not been able to log in. CGHS beneficiaries in Chennai have not been given the smart cards which we can use whenever we seek treatment,” he said.
When contacted, a senior official at CGHS said a registered beneficiary can access information about facilities available, entitlement, empanelled hospitals and holidays etc. “We launched the facility two months ago and we have had no complaints. Those who face problems can come to our Besant Nagar office and we will demonstrate it to them. They can also go to the nearest CGHS dispensary where the staff will help them,” he said.
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