Mastercard partners with Alipay to enhance cross-border payment capabilities, catering to the increasing demand for fast, secure, and transparent money transfers globally.
19 March 2024 – Mastercard, a global leader in cross-border payment solutions, announces a strategic partnership with Alipay, China’s premier digital platform under Ant Group, to meet the increasing demand for transparent, secure, and efficient money movement. This collaboration enables Mastercard’s bank, fintech, and corporate clients worldwide to seamlessly connect with Alipay’s vast network, serving over 1 billion users in China, facilitating near real-time international payments.
Driven by consumer preferences for swift and secure global transactions, Mastercard’s connection to Alipay reflects a growing trend towards digital cross-border payments. According to insights from Mastercard’s Borderless Payments Report, 68% of consumers express a desire for faster online cross-border payment options. The integration with Alipay enhances Mastercard’s international payment offerings, providing customers with quick and secure money transfer capabilities and built-in confirmation of funds receipt.
Alan Marquard, Head of Transfer Solutions at Mastercard, emphasizes the significance of this partnership in advancing the company’s growth in disbursements and remittances, highlighting Mastercard’s commitment to enhancing payment speed, security, and convenience globally. With Mastercard Move, participating financial institutions gain access to a comprehensive suite of international money transfer solutions, empowering customers to send funds to over 180 markets through a global payout network spanning over 150 currencies, reaching 95% of the banked population worldwide.
Dennis Chang, Division President, Greater China, Mastercard, underscores China’s prominence as a major destination for international remittances and anticipates a surge in cross-border payments as global economic activities rebound. The collaboration with Alipay enables Mastercard to simplify international fund transfers to China, offering near real-time transactions for senders and receivers alike.
Mastercard Move leverages a vast network of nearly 10 billion endpoints globally, encompassing bank accounts, cards, wallets, and cash payout locations. This portfolio harnesses the capabilities of Mastercard’s existing and future money movement solutions, including Mastercard Send and Mastercard Cross-Border services, to provide comprehensive and efficient cross-border payment options for businesses and consumers alike.
