Mastercard can commence domestic bankcard clearing activity in China

This follows after authorities first approved Mastercard NUCC’s application in 2020.

Mastercard’s joint venture in Beijing has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity in China.

With this, the Mastercard NUCC Information Technology (Beijing) Co., Ltd. can now work to expand issuance and acceptance of Mastercard-branded products to local businesses and consumers in the country.

“We are pleased to have reached this milestone with our local partner NUCC. Mastercard's deeper participation in the Chinese market will benefit the country, its consumers and its businesses, whilst simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all,” said Michael Miebach, CEO of Mastercard.  

In February 2020, the PBOC principally approved the application from Mastercard NUCC to begin formal preparations to set up a domestic bankcard clearing institution in China. 

The JV has since established standards, rules, structures and infrastructure in line with local regulatory requirements, and obtained the required certificates for a local switch business.