Following the move, consumers will be able to shop online and pay via MasterPass, which eliminates the need to enter detailed payment and shipping information with every purchase. Using MasterPass, consumers can store MasterCard and other branded credit, debit and prepaid card information, along with shipping addresses, all in one place, so that they can be accessed during checkout.
What users need to do is click ‘Buy with MasterPass’ at any one of the over 40,000 online merchants worldwide that offer the option to pay with MasterPass. To complete the process, consumers have to authenticate themselves with their bank.
Eva Chen, Head of MasterCard Taiwan, mentioned that according to MasterCard’s Online Shopping study, over half of Taiwanese respondents access the internet for online shopping and close to 90% made at least one online purchase in the three months preceding the survey. The results show there is a huge potential for online shopping.
Wallet issuers in Taiwan launching MasterPass wallets on November 2014 include CTBC Bank, Cathay United Bank, E. Sun Bank, Taishin International Bank and Taipei Fubon Bank. MasterPass-connected wallets enable banks, merchants and other partners to offer their own branded wallets that extend and enhance their own consumer relationships. MasterPass will be accepted at online merchants in Taiwan, including Momo, 17 Life, Lion Travel, OB Design, and Neweb Technologies.
In addition to Taiwan, MasterPass is available in Australia, Canada, China, Italy, New Zealand, Poland, Romania, Singapore, South Africa, the United Kingdom and the US.
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