Mastercard Expands Cross-Border Payment Offerings with Alipay Connection
Mastercard is enhancing its cross-border payment solutions by establishing a new connection with Alipay, China’s leading digital open platform under Ant Group. This strategic move addresses the growing demand for transparent, secure, and efficient money transfers across the globe.
According to insights from Mastercard’s Borderless Payments Report, 68% of consumers would be inclined to make more online cross-border payments if they were faster. The partnership with Alipay allows Mastercard’s bank, fintech, and corporate customers worldwide to offer their clients seamless access to this popular e-wallet in near real-time.
Alan Marquard, Head of Transfer Solutions at Mastercard, emphasized the significance of this collaboration in advancing international payments. He stated that disbursements and remittances are key areas of growth for Mastercard, and the company is committed to developing solutions that prioritize speed, security, and convenience while promoting financial inclusion.
Through Mastercard’s international money transfer solutions like Mastercard Move, financial institutions can facilitate international payments to over 180 markets, serving a global payout network of over 150 currencies and 3.5 billion account holders.
Dennis Chang, Division President for Greater China at Mastercard, highlighted the importance of China as a major recipient country for international remittances. With the new connection to Alipay, Mastercard aims to streamline international fund transfers to China, making the process more efficient for both senders and recipients.
Mastercard Move operates across nearly 10 billion endpoints worldwide, including bank accounts, card, wallet, and cash payout locations. This comprehensive portfolio integrates Mastercard’s existing and future money movement capabilities, such as Mastercard Send and Mastercard Cross-Border services, to provide a seamless cross-border payment experience for users globally.
