Purpose: To satisfy the needs for premium and luxury brands of affluence, middle-class masstige marketing existed. Further, it was needed to measure the effectiveness of masstige marketing. Nevertheless, masstige value was asserted as synonymous with brand equity; however, no empirical evidence was available in the literature to support this. This study aimed to empirically validate the masstige value as the measure of consumer-based brand equity. Methodology: A research model was developed based on brand equity and masstige theories. Data were collected using snowball sampling through an online questionnaire from 460 respondents using a mobile payment system. Covariance-based structural equation modelling (SEM) was used to test the conjectured relationship between the dimensions of consumer-based brand equity and masstige value obtained through the masstige mean score scale. Findings: The path analysis using SEM established a significant association between brand image and service quality with masstige value. However, the study failed to establish a significant association between brand awareness and loyalty with masstige value. Practical Implication: The finding of this study may provide the perspective that mobile payment application managers will include in their marketing strategy; also, this study will guide future research on developing brand equity through positioning their brands as masstige. Originality: This study is the first of its kind, providing empirical evidence of the association between brand equity dimensions and masstige brand value.