Less than 1 min.Read

Mastercard’s joint venture receives approval to commence domestic payments in China

November 24, 2023

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.