MasterCard hopes to get more Chinese clients with MasterPass

Ling Hai, president of Greater China for MasterCard Worldwide, makes a speech at a CKGSB MBA Young Leaders' Forum in Beijing in November this year. Photo: Courtesy of MasterCard.

MasterCard Worldwide expects that a new mobile payment service can help it attract more clients in China.

"MasterPass hopes to have new Chinese clients, and most will target cross-border business, including merchants and banks," Ling Hai, president of Greater China for MasterCard Worldwide, said in an interview with Global Times.

According to Ling, ctrip.com has been one of their partners. MasterPass uses an innovative technique - Virtual Card Numbers - to convert its clients' wallet or bank account into a standard 16-digit MasterCard card number in the platform christened inControl, thus expanding their customers, cutting their cost, and enhancing their efficiency.

In April, MasterCard Worldwide launched MasterPass, a free digital wallet service that makes online shopping safe and easy by storing customer's payment and shipping information in one convenient and secure place.

This digital wallet combines online and offline payments by cards, including prepay cards, issued by MasterCard and other financial services corporations, and it supports NFC, 2-dimensional bar code and mobile payments by any smart terminal, such as mobile phones, laptops and tablets.

"You can view MasterPass as an open-system platform. It supports different wallets, customers and carriers with our interface with multiple participants including banks, merchants, and third parties," said Ling.

In addition, MasterPass also provides advantages in dealing with cross-border trades thanks to its well-developed global network. Another big difference lies in its offline payment, which allows retailers to ring up tags, codes and mobile devices in storefront settings.

As for clearing and settlement in China, Ling said that MasterCard will be patient about the opening-up of the Chinese market, but hopes to serve Chinese customers with their technology.

As to the relationship between mobile manufacturers, mobile operators, payment companies, banks and merchants, Ling believes the one that can provide the best services to customers will take dominant positions in the mobile payment market. "It is a big cake, collaboration and specialization will be needed to develop this market."

But to survive in this competitive environment and to take a bigger market share, MasterCard has to keep following the principle of transformation and innovation, said Ling.

MasterCard always deems itself as an e-payment service provider, seeking to bring more racing cars, buses and even bicycles [types of clients] onto its highway as long as it is capable of building a convenient ramp to attract them, said Ling.