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Livi Bank broadens collaboration with Mastercard
Virtual lender injects tokenization technology into debit card line-up
17 Jun 2021 | The Asset

Hong Kong-based virtual lender Livi Bank has expanded its collaboration with Mastercard to launch a payment innovation that integrates tokenization technology with the bank’s debit card line-up to provide a more seamless and secure online payment experience for customers.

With Mastercard Token Connect, customers can bind their Livi Debit Mastercard and PayLater debit cards to designated merchants online using the Livi app. After binding, customers can make payments at the merchants’ checkouts in a single click, without having to manually enter their card details, ensuring a fast, seamless and effortless checkout process.

By clicking the Token Connect button on the Livi app, customers can select from a list of merchants available for card binding, and create the link. This includes JD.com, a leading e-commerce platform related to JD Technology, one of Livi’s shareholders.

“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,” says Livi chief product officer Carol Hung. “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.”

Security is another key feature of tokenization technology. When a 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. This means no sensitive data are transmitted during transactions. So even if the token is intercepted by hackers, the card details will not be compromised.

From June 18 to July 31, customers will receive a HK$10 (US$1.30) cashback for successfully binding a card to JD.com. Additional offers are available at JD.com to mark the e-commerce firm’s “618” anniversary.

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