Mastercard's joint venture NetsUnion has begun processing payments made in China using Mastercard cards issued by the country's banks. This was reported by the press service of the payment system.
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In addition, the joint venture confirmed that Mastercard-branded cards will now be accepted for both domestic and international purchases.
“This is yet another an important milestone for Mastercard. Since entering the market nearly 40 years ago, we have built strong relationships with Chinese banks, merchants and fintech companies to connect people to the global economy,” said Mastercard CEO Michael Miebach.
In February 2020 The People's Bank of China (PBOC) approved Mastercard NetsUnion to begin formal preparations for domestic clearing activities in China.
Since then, the joint venture has established standards, rules, structures and infrastructure in accordance with local regulatory requirements and has received necessary certificates to conduct the relevant type of business in the state.
In November 2023, Mastercard NetsUnion received official permission from the NBK and the National Financial Regulatory Authority before starting activities for clearing bank cards in the domestic market.
