Mastercard NetsUnion begins processing transactions in China

Monday 13 May 2024 09:26 CET | News

Mastercard NetsUnion Information Technology has announced it began processing payments made in China with Mastercard card issued by the country’s banks.


Mastercard NetsUnion Information Technology has announced it has begun processing payments made in China with Mastercard card issued by the country’s banks.

Providing seamless domestic and international payments

Mastercard NetsUnion Information Technology (Beijing) started processing payments within China using Mastercard cards issued by local banks. Additionally, the joint venture announced the acceptance of Mastercard-branded cards for both domestic and international transactions.

Officials from Mastercard said this is another significant milestone for them. Since entering the market nearly 40 years ago, they have built strong relationships with China’s banks, merchants, and fintechs to connect its people to the global economy. With their local partner NUCC, their goal is to simplify the payments experience for China’s Mastercard cardholders both at home and overseas.

Also commenting on this development, representatives from NetsUnion said that as their 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. To offer more choice and deliver greater value for Chinese consumers and businesses of all sizes, they 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.

Advancing the payment infrastructure in China

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 the country. 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. In November 2023, Mastercard NetsUnion received formal approval from the PBOC and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity.

Mastercard has been on a mission to provide international visitors to the Chinese Mainland easy and convenient ways to pay. Since 2023, the company’s ‘Pay Like a Local’ programme has been recognised as adding to this effort. By linking internationally issued Mastercard cards to Chinese digital wallets, the programme gave travellers access to the popular QR code payments while shopping at tens of millions of acceptance locations across the country. This complements the nearly 100 million cards issued to Chinese consumers for use when traveling outside the country.

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Keywords: payment processing, merchants, payments , debit card, credit card
Categories: Payments & Commerce
Companies: Mastercard
Countries: China
This article is part of category

Payments & Commerce


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