MasterCard is releasing its digital wallet service MasterPass in China in cooperation with Chinese bank China Construction Bank.
MasterPass will integrate the service within Construction Bank’s own existing wallet platform LongPass. The service, similar in other regioins will allow its users to aggregate numerous payment methods, not only MasterCard details, and is available for PCs, smartphones, and tablets.
The fact MasterPass utilizes existing payment methods means it should not be affected by the new restrictions Chinese banks are imposing on mobile payment methods such as AliPay and WeChat.
“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,” stated Duan Chaoliang, China Construction Bank’s credit card center general manager.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
China Construction Bank with LongPass are the first to utilize MasterPass in China.