China CITIC Bank and MasterCard have signed a Memorandum of Understanding for strategic cooperation in the virtual payments space within and outside China. The two parties aim to jointly develop and promote innovative products and services including QR code services, and collaborate to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants.
The two corporations will leverage their core competencies and cooperate on innovations including virtual card payment technology, product development, acceptance and risk management. This alliance will enhance consumers’ e-commerce experience and provide new and innovative payment services to domestic and overseas China CITIC Bank cardholders.
“We have built a valuable partnership with China CITIC Bank’s Credit Card Center and have successfully launched a variety of credit cards together. MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry. This will be another opportunity for us to further build on our vision of a world beyond cash,” said Tim Murphy.
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