The People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) has formally approved Mastercard’s initiative to build a “domestic bankcard clearing institution” in China.
Following an approved application filed by Mastercard’s joint venture entity, Mastercard NUCC Information Technology in February 2020, the company has been working behind the scenes, acquiring the required certificates, establishing rules, standards, and the proper infrastructure that aligns with local regulatory demands.
“Mastercard’s deeper participation in the Chinese market will benefit the country, its consumers and its businesses, while simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all,” said Michael Miebach, CEO of Mastercard, in a prepared statement.
Mastercard Expands Partnerships Throughout APAC
Mastercard has been busy tapping into the enormous potential within the APAC region. According to its New Payments Index 2022 Future of Payments research, consumers in APAC are among the most ardent adopters of digital payments worldwide. In fact, 88% said they used digital payment solutions such as QR codes, digital wallets, cryptocurrency, biometrics, and buy now, pay later platforms.
Instant payments are also making a dent in APAC. In fact, real-time payments are set to reach 12% of all payments in the region by 2027 and Mastercard teamed up with Nuvei to facilitate instant payouts for online trading platforms and investors in APAC through Mastercard Send.
Overall, Mastercard is continuing to be at the forefront of payments innovation. Earlier this month, Mastercard and NEC Corporation signed a Memorandum of Understanding to leverage NEC’s face recognition and verification technology as well as Mastercard’s payment capabilities to launch the Biometric Checkout Program in APAC. Biometrics is an area of focus for many organizations and in Mastercard’s recent Biometric Checkout Program Consumer research, the company found that it’s an emerging technology that many consumers are increasingly turning to. Indeed, 82% of respondents surveyed said they were using at least one type of biometric capability.