Mastercard and the Bank of Shanghai announced the worldwide availibility of services after which businesses across the globe can easily send payments to China.
Accoridng to the official announcement, now commercial customers will be able to transfer payments to any bank account in China, with reduced transaction costs. While the customers will get real-time exchange rates against the foreign currencies.
Being the World’s latest financial instituion to colloborate with Mastercard for helping customers to pay or get paid accross the globe, Bank of Shanghai is also the financial instituion of largest export economy in the world which can bring more value to Mastercard and financial system of China.
Mastercard said its Cross-Border Services link about 90 percent population of the world who has credit cards, bank accounts, and digital wallets through its single secure point of access.
According to PYMNTS’ Smarter Payments Tracker the cross-border payments of worth $29 trillion were sent last year and expected to ascend to about $39 trillion by 2022.
Executive vice president of Mastercard’s New Payment Platforms, Stephen Grainger said “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.”
He added that Mastercard’s Cross-Border Services will help its global partners “to deliver a more convenient, cost-effective and certain payment experience for people and businesses everywhere.”
Huang Tao, Bank of Shanghai’s vice chairman said that Cross-border financing has remained Bank of Shanghai’s core offering while “the current climate has led to a heightened customer demand for this service.”