MasterCard announced today that MasterCard and Alipay have expanded their cooperation to provide instant and secure remittance services in 180 markets around the world, allowing users to remit money across borders .
According to announcements from both parties, Mastercard continues to expand its cross-border payment solutions and has established new connections with Alipay, including a global payment network covering 150 currencies and benefiting 3.5 billion accounts . In addition, this cooperation also deepens MasterCard’s cross-border payment option MasterCard Move. Currently, MasterCard Move has nearly 10 billion payment terminals around the world, including bank accounts, bank cards, wallets and cash payment locations.
Dennis Chang, President of Mastercard Greater China, said that China has become one of the world’s largest recipients of international remittances. As global economic activities continue to recover, (users’) demand for cross-border payments will only increase. This expanded collaboration will allow people around the world to easily transfer international funds to China in “near real-time ,” streamlining transactions for senders and recipients.
In November last year that the People’s Bank of China, together with the State Administration of Financial Supervision, had reviewed and approved the application for opening a bank card clearing institution submitted by “Wanshi Network Information Technology (Beijing) Co., Ltd.” (referred to as Wanshi Network Company). On November 17, 2023, the People’s Bank of China issued a bank card clearing business license to Wanshi Network Co., Ltd.
Wanshi Wanglian Company is a joint venture established in China by Wanshida Company and Wanglian Clearing Co., Ltd. After obtaining administrative permission, MasterCard can authorize member institutions in China (Mainland) to issue and accept “MasterCard” brand RMB bank cards.
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