Mastercard has signed a deal with China’s Alipay to facilitate international remittances into the market.
The agreement builds on an existing agreement between Mastercard and Ant Group, and will enable banks, businesses and fintech services to make immediate transfers to Alipay’s more than 1 billion Chinese customers.
Dennis Chang, Mastercard ‘s division president for greater China, noted that China is one of the major global markets for international remittances, saying: “As global economic activities continue to recover, demand for cross-border payments will only increase.”
DaXue Consulting cited data from Statista showing that Alipay is favoured by 92% of digital payments users in China, with WeChat Pay used by 85%.
