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December 8, 2014

MasterCard introduces digital payment services in China

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

By Verdict Staff

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."

  1. Distribution
December 8, 2014updated 04 Apr 2017 4:04pm

MasterCard introduces digital payment services in China

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

By Verdict Staff

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 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
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  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
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by GlobalData
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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."

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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