Mastercard’s joint venture receives approval to commence domestic payments in China
Global payment giant Mastercard’s joint venture in China, Mastercard NUCC Information Technology (Beijing), has received formal approval to kickstart domestic payments in the country.
Mastercard JV receives green light to begin domestic payments in China
In February 2020, Mastercard NUCC had received in-principle approval from the People’s Bank of China (PBOC) to begin the formal preparations required to set up a domestic bankcard clearing institution in China.
After nearly four years, the joint venture claims to have laid the foundation for its infrastructure, rules, structures and standards as per local regulatory requirements, including obtaining requisite certificates for a local switch business.
Commenting on the “milestone”, Ling Hai, chairman of the board of Mastercard NUCC and co-president, international markets at Mastercard, says the JV aims to act “as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers”.
Mastercard says it has been developing a “strong cross-border portfolio” in China in the past few years, claiming it includes “tens of millions” of bank cards and “millions” of acceptance points across the country, enabled through partnerships with local players including Alipay and Tencent.
