Mastercard and Bank of Shanghai announced the ability for businesses in virtually any geography to more efficiently, seamlessly and securely send payments to China.
„With Mastercard Cross-Border Services, business customers will be able to transfer money to any local bank in China, reduce the cost of transactions, and access real-time exchange rates for the Chinese Yuan, all with a reduced need for additional documents and process,” according to the press release.
Mastercard Cross-Border Services connects 90 percent of the world’s population via cards, bank accounts, digital wallets, cards and cash agents, all through a single and secure point of access.
Stephen Grainger, EVP, New Payment Platforms at Mastercard comments: “China is a critical market for Mastercard’s customers, so we are delighted that Bank of Shanghai will help us advance the modernization of cross-border payments into China. Our Cross-Border Services will enable our global partners to deliver a more convenient, cost-effective and certain payment experience for people and businesses everywhere.”
Huang Tao, Vice Chairman, Bank of Shanghai comments: “Cross-border financing has always been a core offering of Bank of Shanghai and the current climate has led to a heighted customer demand for this service. Now, more than ever, it is critical for us to support our customer’s international trade requirements, ensuring efficient and timely cross-border payments. Enabling Mastercard Cross-Border Services will ensure an improved cross-border payment solution with high efficiency, low cost and enhanced compliance. We believe that the Mastercard partnership will have a huge impact on businesses and consumers and will ultimately serve to support the growth of Chinese enterprises globally.”
According to the World Bank, China is now the largest export economy in the world. In 2018, China exported $2.49T to destinations including the United State ($479B), Japan ($147B), South Korea ($109B), and Vietnam ($84B).
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”