Chinese consumers will soon be able to make simple and secure cross border payments across multiple devices
Tweet: #MasterCard secure #digitalpayment services come to #China http://mstr.cd/1BiXqcG
Beijing, December 5th, 2014 –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.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Huanyu Wu, MasterCard +86 1085199304, Huanyu_wu@mastercard.com
Forward Looking Statements:
Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, those statements related to MasterCard’s products and offerings.
Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission
(SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2013, and Current Reports on Form 8-K that have been filed with the SEC during 2014, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.
Click here to subscribe to real-time alerts.