Mastercard Makes Sending Money to China Easier with Alipay Integration

Mastercard is making international money transfers faster and more convenient for users around the world. The company announced a new partnership with Alipay, China's leading digital wallet platform, that will allow users to send money directly to Alipay accounts.

This move comes as demand for secure and speedy cross-border payments continues to grow. Mastercard's Borderless Payments Report found that nearly 70% of consumers would make more international payments online if they were faster. Additionally, there's a growing shift towards digital money transfers as people look for quicker and more convenient ways to send and receive funds internationally.

"Our connection with Alipay, a major player with over a billion users in China, significantly bolsters our international payment offerings," said Alan Marquard, Head of Transfer Solutions at Mastercard. "This allows our network of banks, fintech companies, and corporations to provide their customers with a real-time connection to this popular e-wallet."

Through Mastercard Move, a suite of international money transfer solutions, participating financial institutions can now offer their customers international payments to over 180 countries. This network covers more than 150 currencies and reaches over 95% of the world's banked population.

"China is already a top recipient of international remittances globally," said Dennis Chang, Division President for Mastercard in Greater China. "As the global economy recovers, the demand for cross-border payments is expected to rise even further. This partnership with Alipay allows people around the world to send money to China quickly and easily, benefiting both senders and receivers."