MasterCard introduces digital payment services in China

MasterCard has launched its cloud-based payment services for cross border payments in China.

MasterCard introduces digital payment services in China

MasterCard has launched its cloud-based payment services for cross border payments in China.

The new service will enable the Chinese consumers to make purchases around the world from various connected devices safely and conveniently in-store, in-app and online.

MasterCard has said that its cloud-based payment services can use secure tokens delivered by the MasterCard Digital Enablement Service (MDES).

Transactions are secured using EMV cryptography and involves the creation of a unique number, or token, that a mobile devices uses in place of the plastic card number.

MDES, which are provided by MasterCard to issuers, 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 allows consumers to use their MasterCard-branded cards on their NFC-enabled phones to make contactless payments at over 2.8 million merchants around the world.

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.”