Mastercard Announces China Breakthrough
(24 November 2023 - China) Mastercard users in China will soon enjoy seamless payment experiences at home and abroad after the group announced that its joint venture (JV) has received formal approval from the People’s Bank of China (PBoC) to commence issuing RMB-denominated credit cards in China.
In February 2020, the PBoC principally approved the application from Mastercard JV NUCC to begin formal preparations to set up a domestic bankcard clearing institution in China. Since then, 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 recently 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.
“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” stated Mastercard CEO Michael Miebach.