Hong Kong stored value payment operator Octopus Cards Limited and Mastercard launched a new virtual prepaid mastercard for online shopping on Monday.
Unlike credit cards, the virtual card, under the name of O!ePay Mastercard, requires users to top up the Octopus e-wallet payment account O!ePay which is tied with the virtual card with credits before shopping online.
Rita Li, Octopus Sales and Marketing Director, said Octopus users can get the virtual card in the Octopus App without the need to submit any proof.
The cardholder can turn on or off the virtual card, depending on their needs. Besides, a one-time password is required during the transaction, said Li.
As an easy, assured and managed payment means, the virtual card will appeal to younger customers with growing global online shopping needs, as well as those who prefer not to use their credit cards online, said Sunny Cheung, CEO of Octopus.
Octopus card is a contactless stored value card, with around 99 percent of people in Hong Kong using Octopus cards to travel, shop and dine without the hassle of cash.