Virtual lender livi bank has introduced Mastercard Token Connect in Hong Kong, becoming the first bank in the city to do so.
The move deepens the alliance between the two parties, enabling the Hong Kong-based lender to integrate its debit card offering with tokenisation technology to address security concerns in online payments.
The bank’s users can bind their livi Debit Mastercard and livi PayLater debit cards to designated online merchants via the livi app with Mastercard Token Connect.
They can pay at these merchants’ checkouts in one click once binding is over. Manually entry of card information is not required-.
Customers of livi can choose from different merchants for card binding through the “Token Connect” button on the app, and create the Token Connect link. This includes e-commerce platform JD.com related to JD Technology, one of livi’s shareholders.
For successfully binding a card to JD.com, the customers will get a HKD10 ($1.29) cashback.
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The tokenisation technology prevents fraud as the card data is not directly stored on the merchant’s servers. Instead a secure card token is released to the merchant, without any sensitive data.
Commenting on the alliance, livi chief technology officer Gary Lam said: “With Mastercard Token Connect, not only can livi customers enjoy our outstanding online spending offers, they can also rest assured their card information is protected – a testament to our strengths as Hong Kong people’s go-to bank for online shopping.”
Last year in December, Mastercard struck a partnership with MatchMove and Tappy Technologies to incorporate tokenisation into a small payment chip that can be attached to battery-less wearables and accessories.
The three-way alliance will enable MatchMove cardholders to add their MatchMove Mastercard to the chip by placing the wearable or the accessory like watchstraps or keyrings on a Tappy-developed Bluetooth-connected device.