In today’s interconnected world, Mastercard stands out as a leading payment solution for individuals and businesses alike. Whether you are making a quick online purchase or conducting cross-border business transactions, Mastercard makes all these payments accessible.
But what sets Mastercard apart, and how does it compare to other providers like Visa? Let us take a look at Mastercard's features, benefits and card types and find out how they fit your business needs.
What is Mastercard?
Founded in 1966, Mastercard is a global electronic payment and money transfer network that offers debit and credit cards linked to bank accounts. Banks that partner with Mastercard offer these cards as part of their cashless payment solutions, making them easy to use at a wide range of merchants worldwide.
According to the Nilson Report, there were approximately 2.94 billion Mastercard payment cards in circulation worldwide in 2023, making it one of the most popular payment cards globally. This is because Mastercard is accepted in more than 210 countries and regions worldwide.
Therefore, Mastercard can facilitate both local and international transactions easily. Although both debit and credit cards are available, Mastercard credit cards are often the best solution for seamless cross-border payments.
But the question is, how can you get a Mastercard?
When you open a new bank account, you will usually get a debit card linked to your account. You can choose between a debit card from Mastercard or another provider. You can also choose Mastercard as your preferred option when applying for a credit card.
Why choose Mastercard for your payments?
Mastercard offers a range of benefits that make it a reliable partner for individuals and businesses looking to streamline their payments. Here are the most prominent features:
A global network at your fingertips
Mastercard is accepted in more than 210 countries and territories, allowing you to make payments anywhere in the world. So you can rest easy whether you're in Indonesia or traveling abroad.
Top-tier security features
Mastercard protects your transactions with a security code — an extra layer of security that requires a PIN to authorize payments. This helps prevent unauthorized use and reduces the risk of card fraud.
Comprehensive protection of your data
Mastercard goes beyond transactions and protects your personal data with a feature called Identity Theft Protection. This service actively detects and mitigates risks such as data breaches, fraud and card misuse and ensures that your transactions are always secure — whether you're shopping in a store or online.
24/7 customer support for emergencies
Losing a card while traveling or running a business can be very stressful. With Mastercard’s 24/7 customer service, you can quickly report lost or stolen cards and have them blocked to prevent unauthorized use.
Mastercard credit card types for every need
Mastercard offers a variety of credit cards to suit different financial needs. Let’s take a look at the options:
Mastercard Classic
Credit limit: Up to Rp5 million.
This card is a popular entry-level option and offers easy access with minimal income requirements. It is ideal for those who earn at least Rp5 million per month.
Mastercard Gold
Credit limit: Up to Rp100 million.
This card is well suited for those with a monthly income between Rp5 and 10 million and offers higher limits for more spending flexibility.
Mastercard Platinum
Credit limit: From Rp75 million, with no upper limit.
Designed for those with higher financial needs, the Platinum card offers customizable credit limits, making it perfect for larger personal or business expenses.
Mastercard World
Minimum annual spend: Rp75 million.
Unlike other cards with maximum limits, this premium card requires a minimum annual spend. If the threshold is not reached, users must pay an annual or monthly fee. Identity Theft Resolution Services come as standard and offer you peace of mind with proactive identity theft risk alerts.
For the ultimate experience, the World Elite Mastercard offers exclusive perks such as VIP airport access, restaurant reservations and luxury hotel bookings — perfect for business travelers seeking premium privileges.
Mastercard vs Visa: What’s the difference?
Both Mastercard and Visa offer exceptional payment solutions, but they differ in some important areas. Let’s take a closer look at these differences:
Origin of service providers
Mastercard was founded in 1966 in New York, under Mastercard Worldwide while Visa was founded in 1955 in California by Visa Inc.
Network reach and user base
Mastercard and Visa both have extensive international networks. However, Mastercard has a stronger presence in America and Europe, while Visa is the leader in the Asia-Pacific region. This makes Mastercard a good choice for Indonesian users doing business abroad or shopping at European or American merchants.
Security protocols
Mastercard relies on a secure PIN system and offers identity theft protection that further protects your financial data.
Visa, on the other hand, uses one-time passwords (OTPs) sent to your phone for transaction authentication, which is more convenient but a different approach to security.
Transaction fees
Mastercard typically charges between 0.2% and 1% per transaction, making it less expensive than Visa, which charges a flat fee of 1%. This difference in fees can add up, especially for international transactions.
Promotional offers and benefits
Mastercard offers more frequent and varied promotions, including luxury hotel and restaurant reservations. Visa also offers promotions, but these are often tied to higher spending and are offered less frequently compared to Mastercard’s offers.
Unlock your business potential with Aspire’s Corporate Card, powered by Mastercard
Mastercard is not just your everyday means of payment — it’s your passport to seamless, borderless business transactions. Whether you’re expanding internationally or covering your travel expenses with ease, Mastercard offers versatility and reliability every step of the way.
You may think that the only way to get a Mastercard for business is to apply for a traditional credit or debit card from a bank. But Aspire is changing the game with its virtual corporate card, making it easier than ever for businesses to access Mastercard as their means of payment and to take control of their finances.
Here’s what makes Aspire’s Corporate Mastercard a powerful tool for your growth:
- Set individual spending limits for better budget control.
- Delegate spending authority to your team without losing track.
- Monitor your spending in real-time so you don't lose sight of your financial goals.
- You can also issue an unlimited number of virtual cards, each configured for specific merchants to ensure maximum security and control over every transaction.
And that’s not all — Aspire’s Corporate Mastercard offers 0.5% unlimited cashback on every business transaction. You can also use USD and SGD directly for international transactions through Aspire’s Corporate Cards to protect yourself from FX fees.
Aspire's solutions go beyond payments — they allow you to manage your business finances flexibly and efficiently. Are you ready to improve your business? Contact our professional team today and discover how Aspire can help you unlock new opportunities!
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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