Mastercard Teams Up with Alipay to Expand Remittance Services

Mastercard is strengthening its position in cross-border remittances through a new partnership with Alipay, the mobile payments giant backed by Ant Group.

Under the agreement, consumers can send and receive money in their digital wallets "in near real-time", catering to over a billion users in China, according to a statement.

China, being one of the largest recipients of international remittances globally, presents significant opportunities for growth in cross-border payments, noted Dennis Chang, Mastercard's division president for greater China.

Last year, Mastercard, in collaboration with NetsUnion Clearing, obtained a bank-card clearing license from the People's Bank of China, highlighting the company's commitment to the Chinese market.