back Back

Mastercard JV gets clearance for Payments processing in China

By Gloria Mathias

November 22, 2023

  • APAC Fintech
  • APAC news
  • Card Payments

Mastercard, China, Payments Processing, Joint Venture, Domestic Payments, China Fintech, China News, PBOC, People's Bank of China, Payments, 
Fintech News, APAC NewsMastercard has announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing), has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity in China.

“We are pleased to have reached this milestone with our local partner NUCC. Mastercard’s deeper participation in the Chinese market will benefit the country, its consumers, and its businesses, while simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all,” said Michael Miebach, CEO of Mastercard.

In February 2020, the PBOC principally approved the application from Mastercard NUCC to begin formal preparations to set up a domestic bank card-clearing institution in China. Since that time, the JV has established standards, rules, structures, and infrastructure in line with local regulatory requirements and obtained the required certificates for a local switch business.

“Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers. As we ramp up our domestic operations, we look forward to working with customers and partners in China to harness technologies and innovations in a way that empowers local businesses and delivers the best payment experiences to people every day,” said Ling Hai, chairman of the board of Mastercard NUCC and co-president, International Markets at Mastercard.

Mastercard has established a strong cross-border portfolio in China that includes tens of millions of bank cards and millions of acceptance points across the country, helping power connectivity to the global economy and driving cross-border and inbound commerce in China.

Earlier this year, Mastercard enabled inbound acceptance via Alipay and Tencent wallets so that international cardholders can pay safely and conveniently like a local at tens of millions of QR payment points when travelling around China.

Previous Article

November 22, 2023

FOMO Pay obtains license to expand payments business in Hong Kong

Read More
Next Article

November 22, 2023

D360 Bank unveils waitlist for new digital banking experiences

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

APAC Fintech

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Hecto Financial eases cross-border transactions with new solution

Read More


Marqeta & AffiniPay team to launch SMB credit card solution

Read More


AsiaVerify & Visa to bolster digital payments and banking in APAC

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023