Mastercard expands partnership with Alipay to foster financial inclusion

Mastercard has expanded its cross-border payment solutions with a new connection to Alipay, aiming to foster payments and financial inclusion. 

The partnership comes as insights from Mastercard's Borderless Payments Report show that 68% of consumers would make more online cross-border payments if they were faster. Consumers increasingly look for ways to send money across the globe quickly and securely.

That's why Mastercard first chose to partner with Alipay last year, expanding digital payment options for arrivals to China. The partnership aimed to offer tourists one more way to pay safely and conveniently in China regardless the issue place of the card in the world. Cardholders may link their existing Mastercard credit or debit card to the Alipay digital wallet, while setting up or topping up a prepaid account is not required.

This time, the expanded partnership leverages Mastercard’s portfolio of international money transfer solutions, Mastercard Move, where 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% of the world's banked population.

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“Mastercard’s connection to Alipay, a super-app serving over one billion users in the Chinese mainland, 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.

“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,” Marquard added.

Dennis Chang, division president Greater China of Mastercard, said: "China is already one of the largest recipient countries worldwide for international remittances1. 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 the Chinese mainland in near real-time, simplifying the transaction for senders as well as receivers.”

Mastercard Move reaches nearly 10 billion endpoints worldwide, including bank accounts, card, wallet, and cash payout locations, according to the release. The portfolio combines the power of Mastercard’s existing and future money movement capabilities including Mastercard Send and Mastercard cross-border services.

MARKETING-INTERACTIVE has reached out to Mastercard for more information.

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