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Mastercard, NetsUnion JV to set up a bankcard clearing institution in China

MastercardMastercard announced the receipt of the in-principle approval from the People’s Bank of China (PBOC) to begin formal preparations to set up a domestic bankcard clearing institution in China. The application was submitted by Mastercard NUCC Information Technology (Beijing), a joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC).

Ajay Banga, President and CEO, Mastercard stated, “We are delighted and encouraged by this latest decision from the PBOC. China is a vital market for us and we have reiterated our unwavering commitment to helping drive a safer, more inclusive and seamless payments ecosystem for Chinese consumers and businesses.  We remain focused on working with the Chinese government and local partners to grow the overall payments infrastructure.”

The strategic collaboration between Mastercard and NUCC is said to be founded on mutual synergies and will drive a simple, safe and smart payments experience in a market regarded as being one of the global frontrunners in digital payments technology. Within one year, the company will be able to apply to PBOC for formal approval to begin domestic bankcard clearing activity.

Recently in February, Mastercard in collaboration with the Government of the Republic of North Macedonia, released plans of launching a range of digital solutions aimed at enabling the citizens to prove their identity when accessing government and business services and boost the country’s digital economy. In December 2019, the company partnered with Federal Bank to offer its Mastercard Identity Check authentication program to the banks’ cardholders in India.

Mastercard is a technology company in the global payments industry. Its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.

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