TAIPEI | MasterPass - MasterCard's global digital payment solution - will launch on November 19 in Taiwan. MasterPass Wallet issuers in Taiwan include CTBC Bank, Cathay United Bank, E. Sun Bank, Taishin International Bank, and Taipei Fubon Bank.
The MasterPass wallet basically aims to replace the version of our everyday purse full of credit, debit and loyalty cards and transaction receipts.
Upon online checkout, shoppers are able to 'grap' their MasterPass wallet by clicking the MasterPass button for checkout, open it by using username and password (similar to PayPal checkout) and pay. They simply click to choose one of their pre-registered cards (debit or credit), select their shipping address and complete the purchase.
MasterPass is positioned to reduce shopping cart abandonment (less checkout hurdles to be taken), and to increase shopping convenience for online and mobile shoppers. MasterPass eliminates the need to share card details and enter shipping details over and over again. MasterPass is already live with over 40,000 merchants around the globe.
'Major step in the evolution of payments'
“According to MasterCard’s Online Shopping study, over half of Taiwanese respondents surveyed access the internet for online shopping and close to 90% made at least one online purchase in the three months preceding the survey."
"MasterPass is about providing a better checkout experience to these technologically savvy consumers, so that they can shop with greater ease and confidence,” said Eva Chen, Head of MasterCard Taiwan. “It is a major step in the evolution of payments as consumers today are looking to shop and pay in new ways that best fits their needs and lifestyles, from every device they have.”
MasterPass Launching Merchants
MasterPass will be accepted at online merchants in Taiwan, including Momo, 17 Life, Lion Travel, OB Design, and Neweb Technologies. In addition to Taiwan, MasterPass is available in Australia, Canada, China, Italy, New Zealand, Poland, Romania, Singapore, South Africa, the United Kingdom and the United States.
Sourced from MasterCard Newsroom, October 29th, 2014