Mastercard‘s joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has attained formal approval to initiate domestic bankcard clearing operations within China.
Having been given the nod from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR), the move is set to enable Mastercard cardholders in China to enjoy seamless payment experiences at home and abroad.
Since obtaining the initial approval from PBOC in February 2020, Mastercard NUCC has diligently set up requisite standards, rules, structures, and infrastructure in adherence to local regulatory standards. The entity has also acquired essential certificates for local switch business operations.
The global payments giant has established a robust cross-border portfolio in China, encompassing millions of bank cards and acceptance points nationwide.
Earlier this year, the company facilitated inbound acceptance via Alipay and Tencent wallets, enabling international cardholders to transact safely at numerous QR payment points across the nation.
Michael Miebach, CEO of Mastercard, said, “We are pleased to have reached this milestone with our local partner NUCC. Mastercard’s deeper participation in the Chinese market will benefit the country, its consumers and its businesses, while simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all.”
Ling Hai, chairman of the board of Mastercard NUCC and co-president, international markets at Mastercard, added, “Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers. As we ramp up our domestic operations, we look forward to working with customers and partners in China to harness technologies and innovations in a way that empowers local businesses and delivers the best payments experiences to people every day.”
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