Mastercard NetsUnion has started to process payments made in China with Mastercard cards issued by the country’s banks. In addition, Mastercard-branded cards will now be accepted for both domestic and international purchases.
“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,” said Michael Miebach, CEO of Mastercard.
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“With our local partner NUCC, our goal is to simplify the payments experience for China’s Mastercard cardholders both at home and overseas.”
“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,” said Ling Hai, Chairman of the Board of Mastercard NetsUnion and President of Asia Pacific, Europe, Middle East & Africa for Mastercard.
“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.”
In February 2020, the People’s Bank of China (PBOC) granted principal approval for Mastercard NetsUnion to begin formal preparations for a domestic bankcard clearing institution in China. Since that time, the joint venture has established standards, rules, structures and infrastructure in line with local regulatory requirements and obtained the required certificates for a local switch business.
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By GlobalDataIn November 2023, Mastercard NetsUnion received formal approval from the PBOC and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity.
