Mastercard has commenced processing payments made in China using Mastercard cards issued by local banks.
This joint venture represents a pivotal partnership in the financial technology sector, aimed at enhancing payment experiences for consumers and businesses across China.
The introduction of payment processing services by Mastercard NetsUnion addresses the growing demand for seamless and secure payment solutions in China’s dynamic market.
By leveraging their expertise and local partnerships, Mastercard aims to streamline payment processes and foster financial inclusivity for Chinese cardholders, both domestically and internationally.
The global payments firm has been a prominent player in the global payments industry for nearly four decades, establishing strong relationships with banks, merchants, and FinTech companies worldwide.
Mastercard NetsUnion’s payment processing service enables Mastercard-branded cards issued by Chinese banks to be accepted for both domestic and international transactions.
This initiative is set to revolutionise the payment landscape in China, offering consumers and businesses enhanced choice, convenience, and security in their financial transactions.
By expanding the availability of Mastercard-branded products and increasing acceptance locations across China, Mastercard aims to deliver greater value to Chinese consumers and businesses of all sizes. The seamless and safe payment experiences facilitated by this service contribute to building a resilient digital ecosystem that fosters innovation and economic growth.
Michael Miebach, CEO of Mastercard, commented, “This is another significant milestone for Mastercard. Since entering the market nearly 40 years ago, we have built strong relationships with China’s banks, merchants and fintechs to connect its people to the global economy. With our local partner NUCC, our goal is to simplify the payments experience for China’s Mastercard cardholders both at home and overseas.”
Ling Hai, Chairman of the Board of Mastercard NetsUnion and President of Asia Pacific, Europe, Middle East & Africa for Mastercard, stated, “As our digital doors officially open for business, Mastercard and Mastercard NetsUnion are committed to working with all partners in China to build a secure, trusted and resilient digital ecosystem that encourages innovation. To offer more choice and deliver greater value for Chinese consumers and businesses of all sizes, we will expand the availability of Mastercard-branded products, facilitate the addition of millions of new acceptance locations across the country, and deliver seamless and safe payments experiences every day.”
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