Business Intelligence on Retailing, Franchising, and Consumerism in China

MasterCard Teams With Chinese Bank For Virtual Payments

China CITIC Bank and MasterCard have signed a memorandum of understanding for strategic cooperation in the virtual payments space within and outside China.

Financial terms of the deal have not been released, but the two parties aim to jointly develop and promote innovative products and services including Quick Response code services, and collaborate to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants.

MasterCard and China CITIC Bank have already built a partnership in product development, cross-border settlements, innovative product campaigns and other related areas. In the near future, as the electronic payments sector matures, both parties will bring this collaboration to a new level.

Internet Banking is one of China CITIC Bank's key strategic areas and the bank aims to seize opportunities in the rising online financial product sector, particularly in the areas of e-commerce, mobile payments and online mortgages.

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