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MasterCard launches virtual "wallet" in Singapore

Published on Jun 2, 2014 11:57 AM

SINGAPORE - MasterCard officially launched its new digital payments platform in Singapore on Monday in a bid to grab a larger slice of the growing e-commerce pie.

Called MasterPass, the platform is centred around a virtual "wallet" that stores payment details - such as mailing addresses and credit card information - in a secure online cloud.

This will simplify web payments by allowing users to fill in fewer details each time they make a purchase online. The stored information will be sent to the web merchant through MasterPass.

MasterCard Singapore general manager Julienne Loh said the new platform will make "every device... a payment device".

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