The entry gives Mastercard access to a $27 trillion payments market
Mastercard enters China’s market. Source: shutterstock.com
Mastercard has received approval from the People’s Bank of China (PBOC) to set up a domestic bankcard clearing in China.
Mastercard formed a joint venture NUCC Information Technology in collaboration with NetsUnion Clearing Corporation.
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 expected to drive a simple, safe and smart payment experience in the Chinese market.
Within one year, Mastercard will be able to apply to the People’s Bank of China for formal approval to begin domestic bankcard clearing activity.
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