MasterCard has launched cloud-based payment services to allow financial institutions in China to enable cross border payments out of the country.
This will allow Chinese consumers to make purchases around the world from various connected devices safely and conveniently in-store, in-app and online.
Dennis Chang, MasterCard’s general manager of China, said the move will create “a truly seamless and secure” payment experience for the banks’ 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,” said Chang. “As a result, the payment landscape across the economy can be extended, making cross border transactions quicker, safer and more convenient.”
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’s 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.
Also, the 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, these technologies 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.