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Mastercard Commences JV With Chinese Counterpart

Mastercard Commences JV With Chinese Counterpart

(10 May 2024 – China) Mastercard and a Chinese counterpart have begun operating a new joint venture (JV) for payments in the Asian country.

The venture, Mastercard Netsunion Information Technology, began processing payments for cards issued by the country’s banks on Wednesday. The American company received permission to sell domestic services within China in November 2023 following approval granted to American Express in 2020 after earlier rejecting larger rival Visa.

 

The Chinese debit and credit market presents a substantial opportunity for companies like Visa and Mastercard, valued at approximately US$17 trillion annually according to Robert W. Baird.

 

“With our local partner NUCC, our goal is to simplify the payments experience for China’s Mastercard cardholders both at home and overseas,” Mastercard CEO Michael Miebach said in a media release.

 

“We have been very active in China on the cross-border side, and those are strong relationships with the same exact banks.”

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