Livi Bank First in Hong Kong to Roll Out Mastercard’s Tokenised Paymentsby Fintech News Hong Kong June 17, 2021
Hong Kong virtual bank livi announced an expansion of its collaboration with Mastercard as it became the first bank in Hong Kong to launch Mastercard Token Connect.
This is a payment innovation that integrates tokenisation technology with livi’s debit card line-up to provide a more seamless and secure online payment experience for customers.
With Mastercard Token Connect, customers can now bind their livi Debit Mastercard and livi PayLater debit cards to designated merchants online using the app.
After binding, customers can make payments at these merchants’ checkouts in a single click, without having to manually enter their card details, ensuring a fast, seamless and effortless checkout process.
By simply clicking the “Token Connect” button on the livi app, customers can select from a list of merchants available for card binding, and create the Token Connect link.
When a livi customer binds their card to a merchant through Mastercard Token Connect, the card information is not directly stored on the merchant’s servers.
Instead, the merchant will receive from Mastercard a unique string of characters (i.e. a token) representing the card so no sensitive data are transmitted during transactions.
So even if the token is intercepted by hackers, the card details will not be compromised.
livi said that it will continue to work closely with Mastercard to further expand its merchant network that supports Mastercard Token Connect,
“We are excited to be the first bank in Hong Kong to offer our customers the benefits of Mastercard Token Connect. Online shopping is growing fast under the new normal, and so are consumers’ expectations.
Mastercard Token Connect is an innovative feature that meets customers’ needs for greater convenience and ease in their everyday spending, enabling them to live their way.”
said Carol Hung, Chief Product Officer of livi.
“At livi, we strive to perfect our security to offer our customers peace of mind. Tokenized payments can significantly reduce the risks of data compromise and fraudulent activities in online payments.
With Mastercard Token Connect, not only can livi customers enjoy our outstanding online spending offers, they can also rest assured their card information is protected – a testament to our strengths as Hong Kong people’s go-to bank for online shopping.”
said Gary Lam, Chief Technology Officer of livi.