The growth of Chinese e-commerce companies' cross-border business will be supported by safer, smarter and more convenient checkout services as MasterCard and BOC Services, the acquiring subsidiary of Bank of China, come together to enable payment via MasterPass, MasterCard's global digital payment solution.
With the agreement signed today, BOC Services will become the first bank acquirer in China to accept MasterPass, making the benefits of payment with MasterPass available to any Chinese merchant whose acquiring services are provided by BOC Services.
Leading Chinese merchants including Ctrip.com, Osell.com, and Ceair.com will be among the first business implementing the service which enables consumers with a MasterPass wallet to quickly and easily check out on any device, by simply clicking the “Buy with MasterPass” button. Today’s shoppers want better ways to pay so that checking-out online is truly easier and safer than paying at the store. With a MasterPass wallet, consumers can securely store MasterCard and other branded credit, debit and prepaid card information, along with shipping addresses, all in one place, so that they can be easily accessed when they come to pay.
MasterPass is currently accepted by over 70,000 merchants in sixteen countries including China, as well as Australia, Canada, Czech Republic, France, Italy, New Zealand, Poland, Romania, Russia, Singapore, South Africa, Taiwan, United Arab Emirates, United Kingdom and the United States.
Dennis Chang, General Manager, China, MasterCard, says, “With the growing popularity of internet shopping, especially via mobile devices, we are entering a new era of digital convergence. Every digital device now has the potential to become a commerce device and Chinese consumers’ demands and spending habits are changing too. This is bringing new challenges to the foundation of business – payment. This new cooperation will enable more Chinese merchants to utilize the powerful technology of MasterPass, creating more cross-border business opportunities.”
Zhuang Dawei, General Manager, BOC Services Shanghai Branch, says, “The mobile payment market’s rapid development in recents rapid development in recent years has been spurred by growth in the innovation of payment methods. At the same time, consumers are growing less satisfied with traditional payment methods and they want to experience innovative payment methods with convenience and security. We aim to provide payment solutions with more convenience and efficiency to optimize shoppers’ payment experience, and in the process, we create more business opportunities for merchants.”