Mastercard & Ant Group Forge Global Payment Pathways With New Consumer Friendly Zones Program In Shanghai

Mastercard Incorporated MA and Ant Group, along with 12 overseas payment partners of Alipay+ and other major international card organizations, launched the International Consumer Friendly Zones program in Shanghai.

The partnership expansion aims to enhance global travelers’ travel experience and stimulate growth for local businesses in China.

With this deal, Ant Group can now offer two digital payment alternatives for overseas visitors in China. Following the initial rollout of the program in Beijing and subsequent expansion to Guangzhou in April, Ant Group has been working with partners to boost the two digital payment options’ accessibility and ease of use for international travelers.

Following its launches in Beijing, Guangzhou, and Shanghai, the program is on track to be rolled out to 16 major Chinese cities.

“The introduction of the International Consumer Friendly Zones in Shanghai signifies a major advancement in our efforts to enrich inbound tourism experience and bolster local business, especially considering the city’s critical role in China’s global interactions,” says Fu Lu, Director of Cross-border Business in Greater China, Ant Group.

As international inbound traffic to China continues to recover, Mastercard looks forward to partnering with Ant Group to enhance inbound payment convenience, boost consumption and build a more inclusive payment ecosystem, according to the statement.

Yesterday, Mastercard inaugurated a European Cyber Resilience Centre at its European Headquarters to combat cyber threats.

Earlier this month, the company penned a multi-year agreement with Synchrony Financial SYF and Virgin Red for the new Virgin Red Rewards World Elite Mastercard credit card program.

According to Benzinga Pro, Mastercard investors can gain exposure to the stock via IShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund – Financial XLF.

Price Action: MA shares traded lower by 0.39% at $440.39 last check Friday.

Photo via Wikimedia Commons