Financial institution China Construction Bank will be the first issuer to leverage the MasterPass platform to enable its digital wallet, LongPass.
LongPass, developed by the China Construction Bank, is a digital wallet in China that uses the global MasterPass platform, allowing consumers to purchase goods at any online retailers that accept MasterPass. Once cardholders have registered with LongPass, the checkout process eliminates the need to enter detailed shipping and card information with every purchase, as long as the user is logged onto the LongPass online platform.
MasterPass enables consumers to make online payments, while storing their MasterCard and other branded credit, debit or prepaid card information and shipping details, from any connected device including computers, tablets and smartphones. Currently over 30,000 merchants around the world accept the option to make online payments with MasterPass.
According to a recent MasterCard study, Chinese consumers are the most prolific online shoppers in the Asia-Pacific region, with close to 100% of Chinese respondents surveyed having made at least one online purchase in the past three months. Furthermore, 17.2% of their online shopping spend is at foreign retailers, a trend that is growing year-on-year.
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