Mastercard to prepare domestic operations in China

Wednesday 12 February 2020 10:28 CET | News

Mastercard has announced that it has received in-principle approval from the People’s Bank of China (PBOC) to begin formal preparations to set up a domestic bankcard clearing institution.

The application was submitted by Mastercard NUCC Information Technology (Beijing), joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC).

The strategic collaboration between Mastercard and NUCC is founded on mutual synergies and  ti aims to drive a simple and smart payments experience in a strategic market like China.

Within one year, the company 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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Keywords: Mastercard, local operations, bankcard clearing
Categories: Payments & Commerce | Cards
Countries: China
This article is part of category

Payments & Commerce