SHANGHAI | Today MasterCard announced the official launch of MasterPass, its digital wallet service, in China. China Construction Bank, with the largest cardholder base in the country, will be the first issuer to leverage the MasterPass platform to enable its digital wallet, LongPass.
Chinese embracing a digital lifestyle
“According to a recent MasterCard study, Chinese consumers are the most prolific online shoppers in the Asia/Pacific region, with close to 100% of Chinese respondents surveyed having made at least one online purchase in the past three months,” said Vicky Bindra, president, Asia/Pacific, Middle East & Africa, MasterCard. “Furthermore, 17.2% of their online shopping spend is at foreign retailers, a trend that is growing year on year. Consumers are increasingly embracing a digital lifestyle and we see great potential for the MasterPass service in China, given the huge customer base that China Construction Bank offers. MasterPass will offer these customers a more simplified and secure shopping experience.”
LongPass, by the China Construction Bank, is the first digital wallet in China to use the global MasterPass platform, allowing consumers to purchase goods at any online retailers that accept MasterPass. Once cardholders have registered with LongPass, online shopping is much faster with a simple check-out process which eliminates the need to enter detailed shipping and card information with every purchase, as long as the user is logged onto the LongPass online platform.
Merchants accepting MasterPass
Currently over 30,000 merchants around the world accept the option to make online payments with MasterPass. Some MasterPass-enabled merchants include Zuji, Singapore Airlines, J. Crew, Rakuten, Kate Spade, Harvey Norman, JB Hi-Fi, Boots UK, Bass Pro Shops and Beyond the Rack. Click here for the full list of merchants accepting MasterPass.
MasterPass Simplifying Checkout
MasterPass enables consumers to make online payments in a comfortable, fast and safe way as they can conveniently and securely store their MasterCard and other branded credit, debit and prepaid card information, shipping details and more, simplifying the process of completing a transaction from any connected device including PCs, tablets and smartphones.
MasterPass Footprint Continues to Grow
MasterPass launched in February 2013, and is currently live in Australia, Canada, Italy, the United States, and the United Kingdom. This launch signifies that China and other leading markets have moved into a new era of payments. As the first strategic partner of MasterPass in China, Duan Chaoliang, General Manager of Credit Card Center, China Construction Bank, said “The economy in China is of huge importance to the global market. With increasing levels of consumption, this new digital service will bring more value to key stakeholders. This is a milestone in our collaborative efforts to bring China’s payments industry into a new phase.”
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Sourced from MasterCard, March 21st, 2014