XLF - Mastercard Targets Over a Billion Users in China - Joins with Alibaba's Ant Group Affiliate Alipay for Instant Cross-Border Payments | Benzinga
Mastercard Inc (NYSE:MA) is enhancing its capabilities in cross-border remittances by partnering with Alipay, the mobile payments powerhouse affiliated with Alibaba Group Holding Limited (NYSE:BABA) affiliate Ant Group Co.
This collaboration marks an expansion of Mastercard’s existing relationship with Alipay and introduces the ability for consumers to transfer and receive funds in their digital wallets almost instantly.
Alipay serves a vast consumer base of over a billion people in China, positioning itself as a critical player in its financial ecosystem, Bloomberg reports.