A cornerstone in the foundation of a fully digitized payment system was laid today as MasterCard announced to Chinese financial institutions the launch of its cloud-based payment services for cross border payments.
As a result, Chinese consumers will soon be able to make purchases around the world from various connected devices safely and conveniently in-store, in-app and online.
Dennis Chang, General Manager of China, MasterCard said, “The introduction of MasterCard cloud-based payments to Chinese financial institutions will create a truly seamless and secure payment experience for their customers on any device. This service allows issuers to provide additional payment options by simplifying the deployment of NFC technologies and making in-app and online payments easier to set-up and complete. As a result, the payment landscape across the economy can be extended, making cross border transactions quicker, safer and more convenient.”
Following the launch of services in the United States, China is one of the largest markets where MasterCard is bringing together the security, convenience and global reach of its secure digital payments capabilities.
MasterCard cloud-based payment services can use secure tokens delivered by the MasterCard Digital Enablement Service (MDES). Transactions are secured using industry-standard EMV cryptography and involves the creation of a unique number, or token, that a mobile devices uses in place of the plastic card number. Provided by MasterCard to issuers, MDES helps transform any connected device into a commerce device to make secure payments.
MasterCard cloud-based payment services also leverage Host Card Emulation (HCE) technology for secure near field communication (NFC) payment transactions. HCE enables consumers to easily use their MasterCard-branded cards on their NFC-enabled phones to make contactless payments at over 2.8 million merchants around the globe.
Together, they will enable Chinese consumers to make secure online and in-app transactions via the MasterPass digital service in 14 countries, and secure contactless NFC payments at merchant locations in 67 countries.