To enhance cross-border remittance services, Mastercard Inc. has solidified its partnership with Alipay, the global mobile payment super-app under the umbrella of Ant Group Co. This collaboration marks an expansion of Mastercard’s existing relationship with Alipay, enabling consumers to swiftly send and receive money within their digital wallets, nearly in real-time.
The announcement, made via a statement, underscores the significance of the agreement in facilitating seamless transactions for users. With Alipay boasting a user base exceeding a billion consumers in China alone, the partnership promises to streamline international remittances for a vast demographic. Facilitated by financial institutions leveraging Mastercard’s international money transfer offerings, consumers can now conduct payments to more than 180 countries worldwide.
Dennis Chang, Mastercard’s Division President for Greater China, emphasized the importance of China in the global remittance landscape. He stated: “The Asian nation is already one of the largest recipient countries worldwide for international remittances. As global economic activities continue to recover, demand for cross-border payments will only increase.”
Strategic Moves in China’s Financial Landscape
The allure of the Chinese market has long captivated payment firms like Mastercard, owing to its sheer scale and untapped potential. Last year, Mastercard, in a joint venture with NetsUnion Clearing Corp., secured a bank card clearing license from the People’s Bank of China.
Alan Marquard, the Head of Transfer Solutions at Mastercard, highlighted the natural synergy between Mastercard and Alipay. In an interview, Marquard expressed: “Partnering with Alipay just seemed kind of the natural and obvious way to acquire reach. This was an important piece that needed to be filled out.”