Mastercard JV Approved to Begin Domestic Payments Processing in China
November 20 2023 - 8:40AM
Business Wire
Mastercard cardholders in China will soon enjoy
seamless payment experiences at home and abroad
Mastercard today announced that its joint venture entity,
Mastercard NUCC Information Technology (Beijing) Co., Ltd., has
received formal approval from the People’s Bank of China (PBOC) and
the National Administration of Financial Regulation (NAFR) to
commence domestic bankcard clearing activity in China.
“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,” said Michael Miebach,
CEO of Mastercard.
In February 2020, the PBOC principally approved the application
from Mastercard NUCC to begin formal preparations to set up a
domestic bankcard clearing institution in China. Since that time,
the JV has established standards, rules, structures and
infrastructure in line with local regulatory requirements, and
obtained the required certificates for a local switch business.
“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,” said Ling Hai, chairman of the board of Mastercard NUCC
and co-president, international markets at Mastercard.
In recent years, Mastercard has built a strong cross-border
portfolio in China that includes tens of millions of bank cards and
millions of acceptance points across the country, helping power
connectivity to the global economy and driving cross-border and
inbound commerce in China. Earlier this year, Mastercard enabled
inbound acceptance via Alipay and Tencent wallets so that
international cardholders can pay safely and conveniently like a
local at tens of millions of QR payment points when traveling
around China.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry.
Our mission is to connect and power an inclusive, digital economy
that benefits everyone, everywhere by making transactions safe,
simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
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Jennifer Erickson jennifer.erickson@mastercard.com
914-249-1284
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