Mastercard and Bank of Shanghai have announced the ability for businesses in virtually any geography to more efficiently, seamlessly and securely send payments to China. With Mastercard Cross-Border Services, business customers will be able to transfer money to any local bank in China, reduce the cost of transactions, and access real-time exchange rates for the Chinese Yuan, all with a reduced need for additional documents and process.
Bank of Shanghai joins a growing list of global banks working with Mastercard to offer people and businesses a more predictable and more certain way to pay and get paid across borders. Mastercard Cross-Border Services connects 90 percent of the world’s population via cards, bank accounts, digital wallets, cards and cash agents, all through a single and secure point of access.
Stephen Grainger, EVP, New Payment Platforms at Mastercard comments: “China is a critical market for Mastercard’s customers, so we are delighted that Bank of Shanghai will help us advance the modernisation of cross-border payments into China. Our Cross-Border Services will enable our global partners to deliver a more convenient, cost-effective and certain payment experience for people and businesses everywhere.”
Mastercard Cross-Border Services enable financial institutions and partners to build flexible solutions that support multiple use cases and can reach a variety of payment endpoints nearly anywhere in the world via a single connection. Mastercard’s platform plays a key role in improving world-wide connectivity and provides innovative payment applications that enable customers with the choice to route transactions over card or
According to the World Bank, China is now the largest export economy in the world. In 2018, China exported $2.49T to destinations including the United State ($479B), Japan ($147B), South Korea ($109B), and Vietnam ($84B).
Huang Tao, Vice Chairman, Bank of Shanghai comments: “Cross-border financing has always been a core offering of Bank of Shanghai and the current climate has led to a heighted customer demand for this service. Now, more than ever, it is critical for us to support our customer’s international trade requirements, ensuring efficient and timely cross-border payments. Enabling Mastercard Cross-Border Services will ensure an improved cross-border payment solution with high efficiency, low cost and enhanced compliance. We believe that the Mastercard partnership will have a huge impact on businesses and consumers and will ultimately serve to support the growth of Chinese enterprises globally.”