Mastercard has integrated Bank of Shanghai into its global money movement platform Mastercard Move to support two-way payment flows between China and international markets.
The partnership is designed to make cross-border transactions more efficient for businesses and individuals sending or receiving funds between China and the rest of the world.
New Options For SMEs And Global Transfers
The integration will allow small and medium-sized enterprises in China to conduct cross-border transactions with greater flexibility.
According to Mastercard, Chinese SMEs using the system will be able to settle payments in multiple currencies, including Chinese yuan and U.S. dollars.
This capability is expected to help businesses manage international payments and global trade more efficiently.
Support For Students And Families Abroad
The new connection is also expected to benefit individuals transferring money internationally.
Each year, nearly 700,000 Chinese students study overseas, many of whom require cross-border payment services for tuition and living expenses.
The integration could make it easier for families to send funds abroad while also enabling inbound transfers back into China.
Expanding Mastercard’s Global Payment Network
Mastercard said the partnership expands its ability to deliver cross-border transfers through multiple payment rails, including cards, digital wallets, and bank accounts.
“With this collaboration, we’re extending our multi-rail capabilities across cards, digital wallets and bank accounts to give banks and payment service providers across the world a single, trusted platform to send funds to China,” said Pratik Khowala.
The move reflects ongoing efforts by global payment providers to simplify international transfers as cross-border commerce and financial mobility continue to grow.
Featured image credits: Wikimedia Commons
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