In response to the growing demand for transparent, secure, and efficient money movement solutions, Mastercard has expanded its cross-border payment offerings through a new connection to Alipay, China’s leading digital open platform under Ant Group.

The collaboration addresses the increasing need for consumers to send money across the globe quickly and securely. Insights from Mastercard’s Borderless Payments Report indicate that 68% of consumers would conduct more online cross-border payments if they were faster. Additionally, there is a rising preference for digital over in-person cross-border payments, driven by the desire for quick, secure transactions, along with built-in confirmation of fund receipt.

“Mastercard’s connection to Alipay, a super-app serving over 1 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. “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.” 

Through Mastercard’s portfolio of international money transfer solutions, Mastercard Move, participating financial institutions can now provide their customers with international payment capabilities to over 180 markets. This includes a global payout network of over 150 currencies, reaching 95% of the world’s banked population.

Dennis Chang, Division President, Greater China, Mastercard, highlighted the significance of the partnership, particularly in light of China’s status as one of the largest recipient countries worldwide for international remittances. “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,” he stated.

Mastercard Move currently reaches nearly 10 billion endpoints worldwide, encompassing bank accounts, cards, wallets, and cash payout locations. The portfolio leverages Mastercard’s existing and future money movement capabilities, including Mastercard Send and Mastercard Cross-Border services, to provide a seamless and efficient cross-border payment experience for consumers and businesses alike.