Category: MasterCard

Project Inspire Announces New Prize for Early Submissions

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“Project Inspire: 5 Minutes to Change the World” announced an exciting addition to the award-winning, global, youth social entrepreneurship challenge, wherein applicants now stand the chance to win exclusive preliminary feedback for early submission of entries this year.

Up to 10 submissions will be reviewed by UN Women, Singapore Committee with detailed suggestions provided back to the candidates as to how their application could be improved. Applicants are then able to re-submit their application, adding an exciting element to the challenge.

To be eligible for this fantastic opportunity, applicants must submit their project proposal no later than Friday 22nd May, 2015. The winners of the Early-Application Incentive prize will be announced on Monday 25th May 2015. Their feedback will be communicated by June 1st, giving them a month to resubmit their application before the deadline.

“The early incentive prize draw is the perfect opportunity for Project Inspire applicants to place themselves ahead of the competition. Having sorted through over 1800 submissions in the last four years, Singapore Committee for UN Women’s expertise will allow the prize recipients a significant competitive advantage,” says Trina Liang-Lin, President, Singapore Committee for UN Women.

“The quality of the entries we’ve received each year has been remarkable. They are great examples of the kind of passion young people around the world have to drive change and improve the lives of disadvantaged women and girls,” said Georgette Tan, Group Head, Communications, Asia Pacific, MasterCard.

This year’s challenge welcomes back long-term and committed partners to women’s empowerment and social entrepreneurship: knowledge partner INSEAD: The Business School for the World; strategic partner Bain & Company; & supporting partner Hilton Worldwide.

Sentosa and MasterCard ink first exclusive partnership

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Sentosa and MasterCard will join hands for the first time to offer exclusive deals to MasterCard cardholders from all over the world when they visit the State of Fun. Cardholders of the 2.1 billion MasterCard and Maestro-branded cards in circulation worldwide can expect to receive special privileges at Sentosa Island’s exciting array of themed attractions, award-winning spa retreats, golden sandy beaches, resort accommodations and world-renowned golf courses with the new tie-up.

The two-year partnership will see the island resort’s businesses collaborate with MasterCard to provide attractive deals for guests to enjoy on the island. Whether they choose to escape with a staycation, indulge in good food, gear up for adrenaline-pumping activities or party the nights away, there will be a deal for everyone holding a MasterCard card.

“We know that our consumers have come to expect the best deals when they pay with their cards. In addition to fantastic discounts offered by MasterCard at establishments across the island, our collaboration with Sentosa will provide novel experiences to both domestic and visiting cardholders,” said Deborah Heng, group head and general manager, MasterCard Singapore.

“With over 30 attractions and 120 F&B establishments on the island, Sentosa receives more than 18 million local and foreign visitors annually. We believe that this partnership is a step in the right direction towards expanding our reach and connecting with even more prospective visitors. We are very encouraged by our business partners’ warm reception towards this collaboration and are confident that this will further enhance the Sentosa experience for each and every single one of our visitors,” said Mr Addison Goh, Director, Island Investment, Sentosa Development Corporation.

Most of the businesses on Sentosa have jumped onboard this partnership programme with attractions offering up to 20% off their published rates and all island hotels having committed discounts either on hotel stays or at their food and beverage and spa outlets.

MasterCard Asia/Pacific Sees 49% Growth in Contactless Users

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MasterCard has revealed that consumers across Asia/Pacific are embracing contactless payments, with the number of unique contactless users (or tappers) in 2014 growing by 49% year-on-year (YoY), in comparison to 2013.

Australia leads the way with nearly two-thirds of all MasterCard in-store transactions being contactless. MasterCard Australia also experienced a 45% growth for unique tappers between 2013 and 2014.

Singapore is fast gaining on Australia. MasterCard Singapore recorded an all-time high for contactless payments, driven by the number of MasterCard contactless users in the country, which more than doubled in 2014 compared to 2013. As of December 2014, one-third of supermarket transactions are contactless.

Hong Kong has also seen the benefit of a strong marketing push with the growth of contactless transactions more than quadrupling in 2014 YoY.

New Zealanders are increasingly using contactless technology. MasterCard research cites that eight out of ten of users say it’s because the technology saves time (62%) and is convenient and easy to use (58%).

In the Philippines, McDonald’s introduced contactless card payments with MasterCard PayPass, enabling consumer payment convenience in McDonald’s store locations.

Raj Dhamodharan, MasterCard’s Group Head of Emerging Payments in Asia/Pacific said: “The rapid growth in contactless and mobile payments is expected to continue given there is just so much cash that needs to be displaced in the region.”

“Mobile devices are giving smaller merchants the capability to transform the payments experience for their customers, especially at the point of sale, as they now can accept card payments. More and more, we see small businesses and mobile merchants such as insurance agents and food delivery businesses turning to mPOS solutions to help expand their customer base and sales. This in turn is helping to displace cash in the country, paving the way for a cashless society,” Dhamodharan added.

Consumer Sentiment on Payments Evolves from “Why Mobile?” to “What’s Next?” in 24 Months

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At Mobile World Congress, MasterCard announced the findings from its third annual Mobile Payments Study, developed in partnership with PRIME Research. The study tracked 19.1 million global social media posts across Twitter, Facebook, Instagram, Forums, Weibo, Google+ and YouTube throughout 2014, up from 85,000 posts in 2012.

In the Asia Pacific region, top markets for overall conversations around mobile payments were India, Indonesia, Japan, Australia and China. The study also found that merchant conversations had a remarkable visibility boost in 2014 in Asia Pacific, representing 65% of the total conversations (compared to only 11% in 2013).

The study results not only show a remarkable growth in volume of conversations, but a change in both the tone and focus of the social discussion.

“The conversation shift and trend of improving sentiment around mobile payments is encouraging. It shows that more and more consumers are embracing new payment technologies, in part driven by the enhanced convenience and security offered,” said Raj Dhamodharan, Group Head, Emerging Payments, Asia Pacific, MasterCard.

He added, “The potential for greater innovation in mobile payments is significant. And as more connected devices come to the market – such as wearables, smart TV and refrigerators – commerce will follow. Businesses need to continue to develop new mobile payment solutions that enrich the consumer experience – or risk being left behind in a world where smart technologies rule.”

Project Inspire celebrates 5 years of supporting social entrepreneurs impacting women and girls around the world

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Singapore Committee for UN Women and MasterCard announce the annual launch and call for submissions for Project Inspire: 5 Minutes to Change the World. Celebrating five years of supporting young social entrepreneurs around the world, 2015 promises to be an exciting year.

With over 1,800 ideas submitted from 72 countries around the world, Project Inspire is now a multi-award winning initiative and one of the most high profile CSR programs in the Asia Pacific region. This year’s challenge welcomes back long-term and committed partners to women’s empowerment and social entrepreneurship: knowledge partner INSEAD: The Business School for the World; strategic partner Bain & Company; & supporting partner Hilton WorldWide. Project Inspire 2015 also welcomes new supporting partner, Top3 Media.

Launched in 2011 to celebrate the 100th anniversary of International Women’s Day and the 25th anniversary of MasterCard in Asia Pacific, Middle East and Africa, “Project Inspire: 5 minutes to change the world” is a global challenge that presents 18-35 year olds with a 5-minute platform to pitch their inspired idea to the world. With a US$25,000 Grand Prize and US$10,000 Runner-Up Prize on offer to make their idea a reality, Project Inspire 2015 will take on the theme of ‘Technology or Design for Economic Empowerment’. Applicants will be asked to demonstrate how they use design or technology as a tool in the work they are doing to enable and empower women economically throughout Asia, the Pacific, Middle East & Africa.

“Celebrating five years of Project Inspire is a milestone that I am incredibly proud of. The strong partnership with long standing partner and co-founders, MasterCard as well as the much welcomed support from INSEAD: The Business School for the World, Bain & Company, Hilton WorldWide and Top3 Media are a testament to how much the competition has grown, and continues to grow over the years,” says Trina Liang-Lin, President, Singapore Committee for UN Women. “The impact that we’ve seen since 2011 through the competition for women and girls around the world, has truly cemented Singapore as the perfect environment to profile and catapult young social entrepreneurs on a global stage.”

Georgette Tan, Group Head, Communications, Asia Pacific, MasterCard, adds, “It’s vital that more is done to empower and encourage women to break the glass ceiling in the traditionally male-dominated fields of technology and design. Careers in these fields afford women the opportunity to be financially self-sufficient and positively impact the world through their leadership and creativity. MasterCard is incredibly proud to partner with the Singapore Committee for UN Women and witness the impact Project Inspire has already had in just five years. We are committed to supporting women of all ages and look forward to helping cultivate the next generation of young social entrepreneurs around the world in 2015 and beyond”.

Applicants must submit a five-minute video detailing how the US$25,000 grant will be used to improve the lives of women and/or girls. The competition commenced on Wednesday, 25th February, 2015, and submissions can be made via the Project Inspire website; www.5minutestochangetheworld.org.

The deadline for submissions is Wednesday, 1st July 2015. This year, Project Inspire will choose twenty semi-finalists to progress to a crowd-funding stage of the competition. From the semi-finalists, finalists will be chosen to attend the Grand Finals in Singapore where they will pitch their inspired idea to a panel of judges. The remaining semi-finalists stand a chance of winning a wild-card ticket to pitch their inspired idea at the Grand Finals in Singapore by securing the most amount of supporters during the crowd-funding stage of the competition. Winners are decided by a judging panel and will be announced at an event in Singapore on Friday, 13 November, 2015.