Mastercard Enables Convenient and Secure International Remittances to Alipay Wallet
March 19, 2024 | Hong KongNew connection to Alipay accelerates Mastercard’s fast-growing cross-border payment offering, addressing the demand for transparent, secure and efficient money movement
Mastercard continues to expand its cross-border payment solutions with a new connection to Alipay, the Chinese mainland’s leading digital open platform under Ant Group.
The move comes as consumers increasingly look for ways to send money across the globe quickly and securely. Insights from Mastercard's Borderless Payments Report reveal that 68 percent of consumers would make more online cross-border payments if they were faster. In addition, they increasingly favor digital versus in-person cross-border payments, motivated by a desire for quick and secure capabilities to send money along with built-in confirmation that funds were received.
“Mastercard’s connection to Alipay, a super-app serving over one billion users in the Chinese mainland, 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,” said Alan Marquard, Head of Transfer Solutions at Mastercard. “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.”
Using Mastercard’s portfolio of international money transfer solutions, Mastercard Move, participating financial institutions can offer their customers international payments to over 180 markets, including a global payout network of over 150 currencies that reaches 95 percent of the world's banked population.
Dennis Chang, Division President, Greater China, Mastercard, said: "China is already one of the largest recipient countries worldwide for international remittances1. 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 the Chinese mainland in near real-time, simplifying the transaction for senders as well as receivers.”
Mastercard Move reaches nearly 10 billion endpoints worldwide, including 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.
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1Remittance Flows Continue to Grow in 2023 Albeit at Slower Pace (worldbank.org)
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.