MasterCard has launched its digital wallet service, MasterPass, in China to enable the Chinese consumers to securely shop at thousands of MasterPass-accepting online retailers worldwide.
With MasterPass, consumers will be able to securely store their payment information, such as credit, debit and prepaid card information and shipping details, on a single platform. This eliminates the need to enter those details with every purchase, thus simplifying the process of completing a transaction from any connected device including PCs, tablets and smartphones.
There is a "great potential for the MasterPass service in China," said Vicky Bindra, president of Asia/Pacific, Middle East & Africa at MasterCard. "According to a recent MasterCard study, Chinese consumers are the most prolific online shoppers in the Asia Pacific region, with close to 100 percent of the Chinese respondents surveyed having made at least one online purchase in the past three months," she explained.
China Construction Bank will be the first issuer in China to use MasterPass platform for its digital wallet, LongPass. "Masterpass will provide our customers a faster, more secure and more convenient payment experience," said Duan Chaoliang, general manager of Credit Card Centre, China Construction Bank.
MasterPass was launched in February 2013 and is currently available in Australia, Canada, Italy, the United States and the United Kingdoom.
Today, there are more than 30,000 merchants globally that accept the option to make online payments with MasterPass. The merchants include Zuji, Singapore Airlines, Rakuten, Kate Spade, Beyond the Rack, and Boots UK.