Mastercard to Enable Better Cross-Border Business Payments Into China

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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
account-to-account infrastructure.

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.”

  • Editorial Director of the The Fintech Times

https://thefintechtimes.com/mastercard-to-enable-better-cross-border-business-payments-into-china/