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China CITIC Bank, MasterCard to Cooperate on Virtual Payments

MasterCard logo 140pxMasterCard has announced that it has signed a Memorandum of Understanding (MOU) with China CITIC Bank for "strategic cooperation in the virtual payments space within and outside China. The two parties aim to jointly develop and promote innovative products and services including Quick Response” (QR) code services, and collaborate to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants."

This collaboration with MasterCard, a technology company in the global payments industry, will build a solid foundation for China CITIC Bank to become China’s global bank card, expanding its footprint worldwide, driving cross-border settlements and improving the cardholder shopping experience outside of China.

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