MasterCard Partners with Far Eastern International Bank and National Credit Card Center to Launch MasterCard inControl in Taiwan
Customizable, Secure Payment Service Allows Cardholders to Effectively Budget and Manage Spending
TWEET: #MasterCard launches inControl in #Taiwan with Far East Eastern International Bank and National Credit Card Center http://bit.ly/U8N6xU
Taiwan – MasterCard Worldwide today announced a collaboration with Far Eastern International Bank (FEIB) and National Credit Card Center (NCCC) to launch the first-ever consumer application of MasterCard inControl in Taiwan.
This innovative and secure payment solution allows consumers to control how, when and where a MasterCard account may be used when shopping online.
MasterCard has selected Taiwan to launch this consumer-centric inControl service platform in Greater China region for its leading position in technology innovation.
The MasterCard inControl service platform employs cardholder-controlled functions, including Authorization Control, Dynamic Virtual Card Number, and Alert & Notification. The platform will give cardholders the ability to generate a series of virtual card numbers with their preferred purchasing amount limits, based on their various shopping requirements, without worrying about exposing their real card numbers on the internet.
Main functionalities of the newly-launched MasterCard inControl service include:
Authorization Control: inControl allows cardholders to set maximum purchasing amount controls, purchase category controls, and geographic controls, so that cardholders can better manage their expenditures and budgets in a smarter way. The control criteria of MasterCard inControl service can be adjusted anytime by users, depending on their current purchase needs with adjustments taking effect in real-time.
Dynamic Virtual Card Number: VCN is a 16-digit virtual credit card number generated by MasterCard inControl system, and helps reduce potential losses resulting from stolen credit card numbers and card fraud.
Alert & Notification: The MasterCard inControl service platform will automatically alert cardholders, when the consumption exceeds the amount limit, beyond purchasing category or geographic coverage set by the consumption variables.
Julie Yang, head of Taiwan, MasterCard Worldwide, explained, 'Having introduced MasterCard® PayPass™ and mobile payments, we are now bringing into Taiwan another innovative payments solution. Purchasing control criteria allow cardholders to set restrictions on when and where cards can be used as well as how much money can be spent on them. Cards employ virtual card numbers (VCNs) to ensure that all transactions are highly secure. These changes are going to change people's purchasing habits.'
Far Eastern International Bank President Eli Hong stated: 'FEIB is honored to be the first bank in Taiwan to implement the MasterCard inControl service platform. Our customers will enjoy more convenience and security with the SecurePay service platform and online security transaction criteria preset to meet purchasing needs. In the face of rapidly advancing Internet services, FEIB is happy to lead the market in offering our customers this unique service. We are confident that it will help them more effectively manage their finances and purchasing.'
National Credit Card Center President Felix Ong said: 'Faced with changes in consumer banking taking place around world, we are happy to support innovations in payment services and look forward with anticipation to the introduction of the MasterCard inControl service platform in Taiwan, so that together we can promote multidimensional development of Taiwan's credit card market and enhance the security of online purchasing.'
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
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