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  • Credit Card spending up in April

    Credit Card spending up in April

    Retail spending on electronic cards rose in April as Kiwis took advantage of the extended holiday period to eat out and take holidays away from home.

    Card spending in April rose 0.6 percent seasonally adjusted after a 0.2 percent decrease in March, according to data from Statistics NZ.

    The increase in credit and debit card spending in April coincided with the timing of Easter and the school holidays.

    “Many employees took three days off to get a 10-day holiday over the Easter and Anzac Day period,” said Sue Chapman, retail statistics manager.

    According to Statistics NZ, retail sales increased despite the reduced trading hours in April.

    In April, spending on eating out and staying away from home (hospitality) rose $6.3 million (0.6 percent) on March, and spending on groceries (consumables) rose $10 million (0.5 percent).

    Apparel sales rose 1.8 percent in April after falling 2.9 percent in March. Fuel was up $17 million (2.8 percent), and durables, up $17 million (1.3 percent), also drove the increase in retail spending.

    Chapman said the increase in fuel spending was due to climbing fuel prices.

    “Fuel prices increased for the fourth consecutive month, after falling late last year,” she said.

    The retail durables industry, which includes furniture, hardware, appliances, and pharmaceutical retailing, bounced back after a 1.7 percent decrease in March.

    Core retail spending, excluding fuel and vehicle spending, saw a 0.5 percent lift following a 0.3 decline in March.

    The total value of electronic card spending, including the two non-retail categories (services and non-retail), saw a 0.4 percent increase in April, following a 0.1 percent fall in March.

    In actual terms, retail spending using electronic cards was $5.3 billion, up to $232 million (4.5 percent) from April 2018.

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  • Credit Cards Fight Back Against E-Wallets Wave

    Credit Cards Fight Back Against E-Wallets Wave

    As e-wallets gain popularity in the region, credit cards are fighting back in a push to stay relevant through rewards, reduced fees, and improved customer experiences on digital and mobile.

    2019 is a key year. This may be the year when mobile payments are expected to overtake credit cards as the preferred ways to pay for e-commerce, according to a UN report. In the face of rising penetration of e-wallets, traditional banks are finding new ways to innovate in the credit card space.

    «Credit cards are getting more creative. Local banks DBS and UOB offer credit cards marketed specifically to women, while others highlight the benefits of using a credit card to help offset your carbon footprint,» said Rohith Murthy, founder of SingSaver, a financial comparison platform.

    While e-wallets may be offering the ease of mobile payments through store partnerships and rewards across Singapore, credit cards are also turning to tech and digital to improve their offerings. For example, some banks are going entirely digital with virtual cards that reduce application approval times from days to minutes and are specifically aimed at e-commerce purchases.

    Others, however, are tying up with tech companies to add perks and touch points. «Apple recently partnered with Goldman Sachs in a digital tie up that removed fees, added transparency, and offered a slew of perks; a trend that will only grow,» added Murthy.

    In Singapore, 7 in 10 Singaporeans own at least one credit card, according to a study by market research company YouGov. Singaporeans had a total outstanding credit card and personal loan debts of about S$70.4 billion, according to the Department of Statistics Singapore (2017).

    Singsaver’s most recent data shows that cashback is still the top credit card reward choice among consumers as consumers continue to favor the flexibility and ease of cashback as a reward when using financial products such as credit cards.

    Nevertheless, miles, as a reward form is getting increasing traction due to many air miles credit cards lowering their annual income eligibility in the last 1-2 years and the promise of air miles for traveling and exploring new destinations.

    With better travel connectivity and affordability, as well as with the surge in travel interest in part due to social media, we think Singaporeans are going to be more knowledgeable about the benefits and attractiveness of miles as a reward,» said Murthy.

     

  • More Food, Snacks and Drinks for Less with Mastercard

    More Food, Snacks and Drinks for Less with Mastercard

     Shopping for your daily needs such as fresh food, snacks and beverages can be turned into fun and rewarding experiences! Pay with your mobile phones or devices and make every trip to the supermarket enjoyable with these exclusive offers and discounts with Mastercard!

    Every Saturday and Sunday from April 20 to June 30, 2019, Mastercard cardholders can enjoy a HK$40 instant discount for every single transaction of HK$500 when paying via Apple Pay, Google Pay or Samsung Pay linked with a Mastercard card at Wellcome Supermarket, Market Place by Jasons, 3hreesixty, Oliver’s The Delicatessen, Jasons ．Food & Living and Jasons ichiba.

    Spend less and enjoy more when shopping with Mastercard!

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  • Suzuki Access 125 Drum Brake With CBS Launched

    Suzuki Access 125 Drum Brake With CBS Launched

    Suzuki Motorcycle India has introduced the Combined Braking System (CBS) on the drum brake version of Access 125 scooter. The Suzuki Access 125 CBS on the drum brake version is priced at ₹ 56,667, about ₹ 500 more than the non-CBS model and is now a standard feature on the scooter in compliance with the upcoming safety norms. The new regulations mandate CBS on all two-wheelers below 125 cc and ABS for everything with a larger displacement. The deadline for the norms is March 31, 2019. The Access 125 already gets CBS on the disc brake variant, which was introduced last year and has received positive feedback from the customers, according to the company.

    Commenting on the development, Suzuki Motorcycle India – Vice President, Sales, Marketing & After-Sales, Devashish Handa said, “It gives us immense pleasure to introduce the CBS equipped Access125 drum brake variant. Suzuki Motorcycle is committed to improving and innovating its products for better riding experience and introduction of CBS to Access125 drum variant is a step further to fulfilling this promise. Suzuki now has standardized its complete range of scooters with this safety feature. We are confident that with the new enhancements, we will be able further add to the riding experience provided by our products.”

    The Suzuki Access 125 drum brake CBS variant will enable riders to operate the front and rear brakes by only pressing left brake lever. CBS helps reduce the braking distance with a good balance between front and rear brake forces. Apart from CBS, the Access 125 gets no changes to the styling or powertrain. Power comes from the 124 cc single-cylinder air-cooled engine tuned for 8.5 bhp and 10.2 Nm of peak torque. The motor is paired with an automatic transmission.

    The retro styling on the Access remains unchanged, and the scooter continues to use telescopic forks up front and hydraulic shock absorbers at the rear. The Access can be had with a front disc brake as an option, with 130 mm drum brakes available at either end as standard. The Suzuki Access continues to be one of the best-selling 125 cc scooters despite competition from the Honda Activa 125, Aprilia SR 125, Vespa LX, and the TVS NTorq among others.

  • Mastercard expands Indian research facility

    Mastercard expands Indian research facility

    Mastercard has opened its upgraded technology center in Vadodara, India as part of the company’s support of the government’s initiative to enhance India’s digital capabilities.

    Spread across 65,000 square feet, the state-of-the art facility will serve as a collaboration center for more than 700 employees.

    Mastercard’s Vadodara Centre is part of the company’s vision to build a world beyond cash in India and beyond. Over the past few years, it has contributed to the “Make in India” and “Digital India” campaigns.

    In 2017, Mastercard collaborated with the Indian government to launch Bharat QR, an application that provides local, small and medium enterprises with a low-cost way to accept digital payments from any type of mobile phone.

    Ari Sarker, co-president, Asia Pacific, Mastercard said, “With its incredible pool of talent and opportunities for digitization, India is a strategic market and innovation hub for Mastercard. The expansion of our Technology Centre in Vadodara is an extension of our undertaking to drive the next level of growth and support the government’s agenda to shape a digital future and less-cash society in the market.”

    “Every day, our teams are working relentlessly to deliver real-world technology that breaks down barriers and makes people’s everyday lives easier, more efficient and secure,” said Ed McLaughlin, president, Operations and Technology, Mastercard. “That’s what makes this office so important.  Our Vadodara team is crucial to the next generation digital services and solutions Mastercard will implement across the world.”