BOC Services, the acquiring subsidiary of Bank of China, recently partnered MasterCard in an effort to bolster the growth of Chinese e-commerce firms' cross-border business.
As a result of the partnership, Chinese merchants using BOC Services' acquiring services are now able to accept payments made via MasterPass. Ctrip.com, Osell.com and Ceair.com will be among the first firms in China to implement and benefit from MasterPass.
According to IDC, the Chinese mobile e-commerce market will reach RMB229.4 billion (US$36.7 billion) by the end of 2015. It is thus timely for Chinese merchants to accept MasterPass. MasterPass is a mobile wallet service from MasterCard that allows consumers to keep the details of their credit, debit and loyalty cards, as well as shipping addresses, on their phones. By doing so, consumers can easily check out on any device by simply clicking the "Buy with MasterPass" button.
"[The partnership allows the bank to] provide payment solutions with more convenience and efficiency to optimise shoppers' payment experience," said Zhuang Dawei, BOC Services Shanghai Brand's general manager. "In the process, we are able to create more business opportunities for merchants," he added.
First introduced at the Mobile World Congress in 2013, MasterPass is currently accepted by over 70,000 merchants in sixteen countries worldwide.