China CITIC Bank and MasterCard ink virtual payments MoU

Source: MasterCard

China CITIC Bank and MasterCard have today signed a Memorandum of Understanding 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.

As world-leading corporations actively involved in China's payments industry, China CITIC Bank and MasterCard will leverage their core competencies and cooperate on innovations including virtual card payment technology, product development, acceptance and risk management. This alliance will enhance consumers' e-commerce experience and provide new and innovative payment services to domestic and overseas China CITIC Bank cardholders. Tim Murphy, Chief Product Officer of MasterCard, and Zhu Xianghuang, President of China CITIC Bank attended the signing ceremony of this MOU.

"We have built a valuable partnership with China CITIC Bank's Credit Card Center and have successfully launched a variety of credit cards together. MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry. This will be another opportunity for us to further build on our vision of a world beyond cash," said Tim Murphy.

This collaboration with MasterCard in the virtual payments space is yet another important step for China CITIC Bank. MasterCard and China CITIC Bank have already built a distinguished 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 - 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. To further improve its customer's experience in the virtual payments space, China CITIC Bank is looking to create a diversified electronic payments tool to achieve its goal of a 'new Online China CITIC Bank'.

In addition, China CITIC Bank is planning to develop its channel strategy as it recognizes this is essential to respond to future competition. The bank will extend its branch networks and enhance its electronic capability to lower costs, and increase convenience for its customers.

China CITIC Bank has also established its online banking department to strengthen its relationships with e-commerce enterprises. In line with its vision of a 'new Online China CITIC Bank' and in order to tap the growth in online purchases of financial products and e-commerce platforms, the bank will explore more partnerships with payments companies and telcos to develop more innovative online banking products and enhance the quality of online banking services.

"International operations" is also another key focus of China CITIC Bank. 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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