WeLab rolls out numberless debit card with Mastercard
Hong Kong's virtual bank, WeLab Bank, has announced a partnership with Mastercard to launch a numberless debit card to offer greater convenience to customers.
One of Hong Kong's first virtual banks, WeLab offers services entirely on mobile phones. However, the bank said that a physical card may have wider acceptance across merchants and provide added convenience to consumers’ daily lives, including making payments or withdrawing cash.
Backed by Mastercard’s fast, secure, and reliable global network, the card offers protection and a wide variety of functions for cardholders. As the card has no card number, card validation code or expiry date, cardholders can access their accounts privately from the WeLab Bank app. At the same time, cardholders can withdraw cash from any ATM of JETCO in Hong Kong and CIRRUS, which accept Mastercard cards worldwide.
“We want to empower Hongkongers by bringing them a more digital, secure, and seamless banking experience, and it all starts with the card," said Adrian Tse, chief executive of WeLab Bank.
"While Mastercard is a global leader in digital payments and WeLab Bank is a fintech pioneer entrenched in Hong Kong, we trust that our partnership combines the best of both worlds, allowing us to continue designing innovative tools for the future," he added.
According to WeLab Bank's data, more than 51% of its physical card transactions were related to F&B, followed by 31% for groceries. As for online transactions, F&B (31%) and entertainment (13%) dominated the top spots among all categories.
A total of 30% of online transactions were processed by merchants outside of Hong Kong through Mastercard’s global network.
“More and more Hongkongers are adjusting their lifestyles to become technologically savvier. This collaboration showcases Mastercard’s progressiveness as a leader in the payments industry, especially in safety and security, as well as its dedication in pushing forward the development of Hong Kong as a smart city," said Helena Chen, managing director of Mastercard for Hong Kong and Macau.