China CITIC Bank and MasterCard have collaborated for strategic cooperation in the virtual payments space within and outside China.
The two parties aim to jointly develop and promote products and services including Quick Response (QR) code services to provide a safe and efficient payment experience for domestic and overseas cardholders and merchants.
The alliance will enhance consumers’ e-commerce experience and provide new and innovative payment services to domestic and overseas China CITIC Bank cardholders.
“MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry,” said MasterCard chief product officer Tim Murphy.
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 recognises 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. It has also established its online banking department to strengthen its relationships with e-commerce enterprises.
Since “international operations” is also another key focus of China CITIC Bank, the collaboration with MasterCard will build a solid foundation for it to become China’s global bank card, expanding its footprint worldwide.
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 the collaboration to a new level.
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, it says.
