I recently paid a visit to Singapore. I know, it seems I’m always flying and reporting from there often, but it’s always a treat to visit the Lion City. This time, especially so, since the venue was the lush Singapore Shangri-la. The hotel was built in the late 1970s and has become the iconic Shangri-la image and template for all its properties. The chain is now known for the tropical paradise setting it always provides, its large but friendly lobbies looking out onto the landscaped gardens, and the warmth of its hospitality.
My host was MasterCard, whose product is also iconic among consumers and travelers. The event was the biggest annual conference organized by the company. It showcased the latest developments and trends in the payments industry. I arrived on a sunny day with over 500 senior executives and industry representatives from Asian and African financial institutions. There were also card technology providers who displayed their wares and shared their insights in the forum.
The event was covered by key media from across the Asia/Pacific, Middle East and Africa region. The highlights were numerous in the three-day event, including the premium services that MasterCard offers, and products such as Titanium, Platinum and recently World cards.
All this is in keeping with a growing affluent segment in the regions covered. This group, say the Mastercard honchos, enjoys increasing spending capability and looks for more meaningful and experiential privileges.
One presentation on the first day dazzled me. It was the presentation of Dubai First, the first consumer finance company of Dubai Group, which is a member of Dubai Holding, in association with MasterCard Worldwide. They dramatically showcased the first-of-its kind Royale MasterCard, the first diamond-embedded MasterCard credit card in the region. It sets new standards in ultra-luxury credit cards through its unique services, benefits and design. Fabulously designed, the Royale MasterCard is brought to each invited cardholder by a personal messenger in a teak, velvet-lined sealed box. The card itself is framed in 24-carat gold and sports a sophisticated black color. In the center is an embedded diamond set within a distinctive crest!
The diamond itself is probably a hundred times more than the combined credit limit of my two cards. I was told that a credit limit is practically non-existent. You can probably walk in and buy a Rolls Royce with the card and still have room for shopping. Holding this card entitles entry to worldwide equestrian and polo events along with premier tickets to luxury parties like the Cannes Film Festival!
For those just in search of luxury without having to marry into royalty or discover oil in their backyard, there was plenty to see. MasterCard Moments was also launched. It is designed to complement its premium card products as an online repository of exclusive privileges for travel luxuries, recreational pleasures, palatable gourmet experiences, retail therapy, and tailored wellness and relaxation programs. Try logging on to www.mastercardmoments.com and you’ll see what I mean.
I was also surprised to find out that, according to the book Succeeding Like Success: The Affluent Consumers of Asia by Dr. Yuwa Hedrick-Wong, economic advisor to MasterCard Worldwide in Asia/Pacific, that the Filipino mass affluent market is estimated to have a spending power of $6.6 billion in 2015. In his talk, he gave some predictions of the repercussions of the worldwide downturn, which seems to point to Asia’s weathering the crisis with more success than anyone else — given what we learned from 1999.
In the Philippines the list of Premium MasterCard cards include: Allied Bank Premium MasterCard, BDO Platinum MasterCard, HSBC Premier MasterCard, Metrobank Platinum MasterCard (in peso and dollar), Security Bank Platinum MasterCard, RCBC Bankard Black MasterCard (in peso and dollar), AIM Alumni-Security Bank MasterCard Card, BDO Titanium MasterCard (in peso and dollar), RCBC Bankard Diamond MasterCard, Smart Infinity-BDO Platinum MasterCard Card, Mabuhay Miles Platinum MasterCard, and Mabuhay Miles World MasterCard.
The amazing MasterCard PayPass was also showcased at the event. It is a contact-less payment solution for small-ticket items that lets you make “Tap & Go” payments. Extremely convenient, it provides users with a speedy and convenient payment option. You don’t have to mess about with looking for the right bills or change. Just swipe your card or sign a receipt! I found out that you can already avail of the convenience of PayPass here in Manila at selected establishments in SM Mall of Asia.
MasterCard PayPass is already in 24 countries, including Australia, Canada, China, the Czech Republic, France, Germany, Indonesia, Italy, Japan, Korea, Lebanon, Malaysia, Mexico, Mongolia, the Philippines, Poland, Spain, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, the UK, and US.
Then you have the EMV, a fascinating technology that enables shops and merchant establishments to utilize one terminal at the point-of-sale to support any EMV-compliant smart card, regardless of the issuer. EMV-compliant cards offer greater security — their built-in processors protect the information stored on the chip embedded in the card, meaning you don’t have to worry about the security of your transactions.
MasterCard has issued more than 300 million EMV chip-based MasterCard cards across the world. In Asia/Pacific, the growth rate of EMV chip cards over the past two years has exceeded 70 percent. Initially here in the country, MasterCard collaborated with the Bank of the Philippine Islands (BPI) in issuing EMV chip-enabled cards, including the BPI Express Credit Gold MasterCard card, the first EMV-compliant card in the Philippines; and the BPI WorldPerks MasterCard card, the pioneering airline co-brand card.
The event ended with a grand dinner and awards night. The Philippine flag was waved proudly as BDO’s SmartMoney program won for the Best Prepaid Program. The other winner from the Philippines was Allied Bank, winner of the Best Co-brand Program for its Mabuhay Miles World MasterCard.
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MasterCard Worldwide brands include MasterCard, Maestro and Cirrus. MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
Feedback is welcome. Please e-mail the writer at paulo.alcazaren@gmail.com.