Today MasterCard announced the official launch of MasterPass, its cutting edge digital service in China, enabling Chinese consumers to be the first in Asia to experience a simpler, quicker and more secure way to shop online and overseas, at thousands of MasterPass-accepting online retailers.
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.
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 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. It is our pleasure to work with MasterCard to launch MasterPass in China, to provide our customers a faster, more secure, and more convenient payment experience. This is a milestone in our collaborative efforts to bring China's payments industry into a new phase."
"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.
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.