MasterCard has found a way to target the lucrative Chinese payments market by offering its cloud-based service for cross-border payments to consumers travelling abroad from China.
Now, Chinese consumers will be able to make purchases across the world using NFC in-store using the services on connected smartphones, tablets or other devices. They will also be able to make in-app and online purchases worldwide.
MasterCard secures these international payments by providing a unique number, or token, to each connected device in place of a credit card number, reducing the risk of bank card information being stolen. Consumers also need to use a secure PIN or scan their fingerprint to access the payment service on their device.
This will 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.
MasterCard has struggled to make its mark in the internal Chinese payments market because of the near-monopoly enjoyed by China UnionPay at the expense of foreign card issuers. But the Chinese company’s grip is easing. In the meantime, MasterCard can leverage its international reach to target the 100 million Chinese consumers who travel abroad every year.
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