Chinese E-Commerce Acquirer to Offer MasterPass (Jan. 29, 2015)
China-based e-commerce retailers have a new way to accept online payments. MasterCard and BOC Services—the acquiring subsidiary of Bank of China—have agreed to enable online payments via MasterPass. The companies signed a Memorandum of Understanding that will make BOC the first bank acquirer in China to accept MasterPass, making the digital payment solution accessible to BOC’s 500 online merchant clients. Leading Chinese e-retailers including Ctrip.com, Osell.com and Ceair.com will be among the first to implement the service, according to the companies. MasterPass made its debut in China last year, when Beijing-based e-commerce platform DHgate became the first Chinese e-merchant to adopt the platform.
China’s e-commerce segment is growing fast and expected to reach nearly $400 billion this year, according to McKinsey & Co. In 2013, MasterCard signed a deal with Chinese online retail giant Alibaba Group to cooperate on innovation surrounding cross-border payments. MasterCard also has an agreement with China UnionPay related to cross-border transactions.
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