MasterCard is set to add Apple Pay support to its debit and credit cardholders in Hong Kong to support customers in making fast and secure mobile payments.
MasterCard has joined hands with major card issuing institutions, including BOC Credit Card (International), DBS Bank, Hang Seng Bank, HSBC, Standard Chartered and The Bank of East Asia, to enable their customers to use their MasterCard credit cards with Apple Pay.
The recent initiative seems to get a boost from a recent MasterCard survey that highlights that Hong Kong consumers are embracing mobile payment technologies. Almost three-quarters of local shoppers (74%) are likely to use digital wallets with their mobile phones in the next year.
While making a transaction using a credit card with Apple Pay, a unique device account number is assigned, encrypted and securely stored in the Secure Element on the user’s Apple device and each transaction is authorised with a one-time unique dynamic security code.
MasterCard division president of Hong Kong, Macau and Taiwan Hiang Choong said: "Based on our latest research, Hong Kong consumers have shown an appetite for mobile shopping and it is encouraging to see members of the general public embrace new payment technologies.
"MasterCard is committed to enabling a seamless, faster and safer shopping experience for consumers. With Apple Pay, local shoppers’ expectations for safety, speed and convenience can all be addressed."