Mastercard has partnered with Alipay, China’s leading digital open platform under Ant Group to expand its cross-border payment solution.
Through the connection, Mastercard will enable convenient and secure international remittances to Alipay Wallet, an eWallet app that lets users store debit or credit card details to make online and in-store purchases using their phones, most commonly used in China where it originated.
Alan Marquard, Head of Transfer Solutions at Mastercard, commented: “Mastercard’s connection to Alipay, a super-app serving over one billion users in China, is an important addition to its international payments offering, enabling its bank, fintech and corporate customers globally to offer their customers a connection to this popular e-wallet in near real-time.”
The move comes in response to a growing consumer demand for fast and secure methods of sending money internationally.
According to findings from Mastercard’s Borderless Payments Report, 68% of consumers express a willingness to increase their usage of online cross-border payments if the process were faster.
Additionally there’s a trend towards preferring digital options over traditional in-person methods for cross-border payments, which is driven by the need for rapid and secure transaction capabilities, coupled with the assurance of receiving confirmation once the funds have been successfully transferred.
“Disbursements and remittances are a key area of growth for Mastercard, and the company continues to develop its solutions across geographies, always with the objectives to make payments faster, safer and more convenient and to foster financial inclusion,” Marquard added.
China has become one of the largest inbound remittance markets across the globe. Last November, Visa revealed a partnership with Tencent Financial Technology to unlock inbound remittances for users of Weixin – the Chinese alternative to messaging platform WhatsApp.
Dennis Chang, Division President of Greater China at Mastercard, said: “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 to enable 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.”
