MasterCard, Borderlinx collaborate to enhance e-commerce

MANILA, Philippines - MasterCard Worldwide announced an agreement with Borderlinx, the international industry leader in global cross-border e-commerce shopping, in order to offer MasterCard customer financial institutions and their cardholders around the world improved access to the global e-commerce marketplace and facilitate the flow of electronic commerce.

This agreement supports MasterCard’s global e-commerce strategy, designed to grow online spend while delivering a better online payment and shopping experience.

By working together, MasterCard and Borderlinx are enabling an enhanced online commerce experience that allows shoppers from many markets around the world to make purchases initially at United States and United Kingdom retail websites using their MasterCard-branded cards.

Cardholders will be able to leverage the Borderlinx platform, which facilitates international e-commerce by establishing a local address for foreign shoppers, applying tax, duty and delivery charges, and integrating with shipping services to ensure that they receive their goods when they want them.

“We know that today’s consumer is interested in shopping online internationally, but is often discouraged by limitations,” said Geoff Iddison, group executive for e-commerce and mobile of MasterCard Worldwide.

“By partnering with Borderlinx we take our role at the heart of commerce to the next level by facilitating better access to the global online marketplace for consumers,” Iddison added.

“MasterCard’s global network and innovative platforms make the company the perfect partner to help advance our business,” said David Spottiswood, CEO, Borderlinx.

“Further, as consumers are demanding the ability to access new markets through the ease and convenience of the Internet, we are helping MasterCard give cardholders shopping options that were once impossible,” he added.

In the Philippines, MasterCard is the first to successfully market the use of virtual cards in the e-commerce market.

Four top Philippine banks — Banco de Oro, Bank of the Philippine Islands, EastWest Bank and Security Bank — have already issued Virtual MasterCard to some of their clients as a supplementary card to their existing credit cards.

Virtual MasterCard is a credit card account for use in virtual environments like the Internet. It has a different card number from a principal credit card and a smaller credit limit so cardholders do not expose their existing credit card data and their full credit line when making online transactions. These security features help cardholders enjoy the freedom to shop via the World Wide Web.

Moreover, the Virtual MasterCard also lets cardholders track online purchases since these are reflected in the same billing statement as their regular credit card but are posted under their virtual card number.

The Borderlinx service will be available to MasterCard issuing banks and the standard Borderlinx sign-up fee for MasterCard cardholders will be waived.

E-commerce represents an important part of MasterCard’s growth strategy. MasterCard is investing in new technology and partnering with industry leaders to grow online spend, diversify payment methods to meet the diverse needs of our customers and to expand our role in the e-commerce ecosystem to deliver a better payment and shopping experience.