- Mastercard’s joint venture in China, Mastercard NUCC Information Technology, has received formal approval to commence domestic payments.
- In February 2020, Mastercard NUCC received in-principle approval from the People’s Bank of China (PBOC) to establish a domestic bankcard clearing institution.
- After almost four years, the joint venture has laid the foundation for infrastructure, rules, structures, and standards, meeting local regulatory requirements.
- The venture obtained requisite certificates for a local switch business during the preparation period.
- Ling Hai, chairman of the board of Mastercard NUCC, expresses the aim to expand the issuance and acceptance of Mastercard-branded products, benefiting local businesses and consumers.
- Mastercard has developed a strong cross-border portfolio in China, boasting millions of bank cards and acceptance points through partnerships with local players like Alipay and Tencent.
