The entry gives Mastercard access to a $27 trillion payments market

Mastercard enters China’s market. Source: shutterstock.com

Mastercard has received approval from the People’s Bank of China (PBOC) to set up a domestic bankcard clearing in China.

Mastercard formed a joint venture NUCC Information Technology in collaboration with NetsUnion Clearing Corporation.

The strategic collaboration between Mastercard and NUCC is expected to drive a simple, safe and smart payment experience in the Chinese market.

Within one year, Mastercard will be able to apply to the People’s Bank of China for formal approval to begin domestic bankcard clearing activity.

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