Mastercard is expanding its cross-border payment solutions with a new connection to Ant Group’s Alipay, China’s leading digital open platform.
The move comes as consumers increasingly look for ways to send money across the globe quickly and securely. The Mastercard Borderless Payments Report reveals that 68% of consumers would make more online cross-border payments if they were faster. In addition, they increasingly favour digital versus in-person cross-border payments. In addition, consumers want quick and secure capabilities to send money along with built-in confirmation that funds were received.
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“Mastercard’s connection to Alipay, serving over 1 billion users in China, is an important addition to its international payments offering. It enables its bank, fintech and corporate customers globally to offer their customers a connection to this popular e-wallet in near real-time,” said Alan Marquard, Head of Transfer Solutions at Mastercard.
“Disbursements and remittances are a key area of growth for Mastercard. The company continues to develop its solutions across geographies. The objective is always to make payments faster, safer and more convenient and to foster financial inclusion.”
Mastercard Move: +180 markets, +150 currencies
Using Mastercard’s portfolio of international money transfer solutions, Mastercard Move, participating financial institutions can offer their customers international payments to over 180 markets. This includes a global payout network of over 150 currencies and 3.5 billion account holders.
Dennis Chang, Division President, Greater China, Mastercard, added: “China 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. With this new connection, Mastercard is pleased to expand its partnership with Alipay. It enables people around the world to easily make international fund transfers to China in near real-time, simplifying the transaction for senders as well as receivers.”
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By GlobalDataMastercard Move reaches nearly 10 billion endpoints worldwide. This includes bank accounts, card, wallet, and cash payout locations. The portfolio combines the power of Mastercard’s existing and future money movement capabilities including Mastercard Send and Mastercard Cross-Border services.
