Seen in Malaya Business Insight, credit card giant, MasterCard is looking to Asia to increase their bottom line in the wake of continuing market uncertainty in Europe and United States. The growing middle class in Asia is a market segment of particular interest for MasterCard. This is as, in contrast with the established middle class in mature economies, Asia middle class are not only rising in population but they also have a rising consumption level. This according to MasterCard CFO is a dramatic change in behaviour from their parents. While the older generation save first and spend later, the new generations of middle class Asians are spending more with their credit cards.
MasterCard also noticed that Asians are generally spending more items for personal consumption. Items such as travel, dining and home furnishing are being paid for on the new found channel – credit cards. Furthermore, they have found that in many Asian households, it is the females who are in charge of the spending, therefore, they have worked with many retailers to come up with campaigns and products that are focused on women. Coupled with the overall increasing trend worldwide of going cashless, MasterCard is hoping that the Asian market will continue to play an ever expanding role on their bottom-line.
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