Mastercard and Alipay Improve Global Remittances in New Partnership
The collaboration between Mastercard and Alipay, China’s leading digital open platform under Ant Group, marks a significant step forward in demand for swift and secure international money transfers. This partnership accelerates Mastercard’s fast-growing cross-border payment offering, making international remittances more accessible, transparent, and efficient. With a shared vision of fostering financial inclusion and making global transactions as frictionless as possible, this alliance promises to revolutionise how we think about money movement across borders.
Global Demand for Faster, Secure Remittances
The global landscape of remittances is changing rapidly. According to Mastercard’s Borderless Payments Report, 68% of consumers would engage in more online cross-border payments if the transactions were faster. This preference for digital over in-person transactions underscores a universal desire for a more efficient and secure way to manage international transfers. The partnership between Mastercard and Alipay directly responds to these consumer demands, offering near-real-time transactions to one of the largest recipient countries for international remittances—China.
Connecting Lives Across Borders
Imagine the relief and joy of a small business owner who can now pay their overseas suppliers quickly and securely or a family sending financial support to relatives abroad, knowing their loved ones will receive the funds almost instantly. These aren’t just transactions; they’re lifelines that connect us to people and opportunities around the globe. The collaboration between Mastercard and Alipay brings these moments within closer reach, powered by Mastercard Move. This suite of international money transfer solutions enables participating financial institutions to offer their customers payments to over 180 markets, with a global payout network of over 150 currencies reaching 95% of the world’s banked population.
A Future of Financial Inclusion and Innovation
The significance of this development cannot be overstated. As Dennis Chang, Division President of Greater China, Mastercard, highlights, China’s position as one of the largest recipient countries worldwide for international remittances only underscores the importance of this collaboration. As global economic activities continue to recover, the demand for cross-border payments is set to rise. This partnership simplifies transactions for senders and receivers and aligns with Mastercard’s commitment to advancing its solutions across geographies, always intending to make payments faster, safer, and more convenient.
In addition to these advancements, Mastercard has not rested on its laurels. The company has been developing new solutions and entering collaborations to enhance its service offerings. One notable initiative is the launch of Smart Subscriptions. This Open Banking-enabled subscription management solution supports financial institutions by offering comprehensive management functionalities, including individual spend analysis and customised offers. This service is a testament to Mastercard’s dedication to innovation and customer-centric solutions.
Bridging Cultures and Economies Through Technology
As we stand on the brink of a new era in international finance, the collaboration between Mastercard and Alipay symbolises more than just technological advancement; it represents a bridge between cultures, economies, and individuals. It’s a reminder that distance is just a number in our global village, and financial inclusivity is the key to unlocking a world of possibilities. With each transaction, we’re not just moving money; we’re moving closer to a future where the world truly is at our fingertips.
