MasterCard today launched MasterPass in Hong Kong, delivering a seamless, faster and safer online shopping experience for local consumers. With MasterPass, consumers can securely store their MasterCard in one place, along with shipping and billing address.
Simplifying online and mobile paymentsAllowing consumers to conveniently access the payment details in their wallet during checkout eliminates the need to enter payment and shipping information with every purchase, and simplifies the process of completing a transaction, with just a click, tap or touch, anywhere, on any connected device.
MasterPass AcceptanceMasterCard is partnering with Bank of East Asia, China Construction Bank, Dah Sing Bank and DBS Bank to launch branded MasterPass digital wallets to its banking customers. MasterPass is now accepted at a variety of online merchants in Hong Kong, including Broadway Circuit and Zuji, in addition to more than 250,000 online merchants around the world, providing a more secure and convenient options for Hongkongers to pay online for flight tickets, clothes, beauty, products and even food.
Chief Executive Officer of Zuji, Charlie Wong: “Online travel booking has grown popularity in Hong Kong in recent years and this emerging trend will soon become a new travel purchasing habit. With less typing and stored preferences, MasterPass makes checkout fast and simple for consumers, lowering the cart abandon rate and increasing conversion”.
40 million MasterPass consumersMasterPass is now available to over 40 million consumers across Asia/Pacific. In addition to Hong Kong, Taiwan made its MasterPass debut last October, while the solution is also available in Australia, Canada, China, Italy, New Zealand, Singapore, the United Kingdom, the United States and many other countries around the world.
MasterPass for those who love to shop online“According to the latest MasterCard Online Shopping Survey in Hong Kong, nearly 90% of local consumers love to shop online using their mobile devices. We have also found that security and reputation of the website are both top considerations for local consumers when shopping online,” said Anna Yip, Head of Hong Kong and Macau, MasterCard.
“MasterPass addresses the concerns of online shoppers, as well as their needs of speed, ease and convenience by offering a one-stop secure payment platform for our digitally-savvy consumers, who are looking to shop and pay safer, faster and simpler.”
MasterPass For Online Merchants
For merchants, MasterPass creates the opportunity to simplify their checkout process and reduce cart abandonment due to current lengthy payment checkout procedures. MasterPass especially enhances the checkout experiences on mobiles and tablets, as the shopper is able to pay with just a few clicks. MasterPass transactions use the same processing rails used for MasterCard card transactions.
So from a processing point of view there seems to be minimum impact, however, that is slightly different when it comes to the technical implementation of MasterPass within the merchant webshop. To create the best MasterPass checkout experience, it is up to ecommerce platforms, shopping cart platforms and Payment Service Providers servicing online merchants to make it as easy as possible for merchants to place the 'Buy with MasterPass'-button early in the checkout process.
Across all regions and online markets, MasterCard is working closely with all key players both on the merchant side and cardholder side to enrol the MasterPass service and create the best buyer experience while safeguarding secure transactions for both sides. Check out which Payment Service Providers already have committed to support MasterCard's digital wallet: MasterPass Payment Service Providers.
Article sourced from Press Release by MasterCard, July 14th, 2015