Mastercard and NetsUnion JV Approved to Prepare for Domestic Operations in China
February 11 2020 - 6:15AM
Business Wire
Mastercard today is pleased to announce that it has received
in-principle approval from the People’s Bank of China (PBOC) to
begin formal preparations to set up a domestic bankcard clearing
institution in China.
The application was submitted by Mastercard NUCC Information
Technology (Beijing) Co., Ltd, a joint venture of Mastercard and
NetsUnion Clearing Corporation (NUCC).
Ajay Banga, president and CEO, Mastercard, said, “We are
delighted and encouraged by this latest decision from the PBOC.
China is a vital market for us and we have reiterated our
unwavering commitment to helping drive a safer, more inclusive and
seamless payments ecosystem for Chinese consumers and businesses.
We remain focused on working with the Chinese government and local
partners to grow the overall payments infrastructure.”
The strategic collaboration between Mastercard and NUCC is
founded on mutual synergies, and will drive a simple, safe and
smart payments experience in a market well regarded as being one of
the global frontrunners in digital payments technology.
Within one year, the company will be able to apply to the
People's Bank of China for formal approval to begin domestic
bankcard clearing activity.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities - such as shopping, traveling, running a
business and managing finances - easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
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Mastercard Communications Seth Eisen, 914-249-3153
Seth.Eisen@mastercard.com
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