Mastercard Collaborates With Alipay Wallet For Secure Global Remittances

Mastercard has partnered with Alipay, China's digital open platform, to expand its cross-border payment solutions to cater to consumers' increasing demand for faster and more secure online cross-border payments.

As per Mastercard's Borderless Payments Report, 68 per cent of consumers would make more online cross-border payments if they were faster.

“Mastercard’s connection to Alipay, an app serving over one billion users in China, is an important addition to its international payments offering, enabling its bank, fintech and corporate customers globally to offer their customers a connection to this popular e-wallet in near real-time,” said Alan Marquard, Head of Transfer Solutions at Mastercard.

Using Mastercard’s portfolio of international money transfer solutions, Mastercard Move, participating financial institutions can offer their customers international payments to over 180 markets, including a global payout network of over 150 currencies that reaches 95 per cent of the world's banked population.

Marquard added, “Disbursements and remittances are a key area of growth for Mastercard and the company continues to develop its solutions across geographies, always with the objectives to make payments faster, safer and more convenient and to foster financial inclusion.”

Mastercard Move reaches nearly ten billion endpoints worldwide, including bank accounts, card, wallet, and cash payout locations. The portfolio combines the power of Mastercard’s existing and future money movement capabilities including Mastercard Send and Mastercard Cross-Border services. 

Dennis Chang, Division President, Greater China, Mastercard said, "China is already one of the largest recipient countries worldwide for international remittances. As global economic activities continue to recover, demand for cross-border payments will only increase. With this new connection, Mastercard is pleased to expand its partnership with Alipay to enable people around the world to easily make international fund transfers to China in near real-time, simplifying the transaction for senders as well as receivers.”