MasterCard, Alibaba Look ahead at E-Commerce
April 1, 2013
MasterCard late last week said it has signed a memorandum of understanding (MOU) with China’s Alibaba Group that will expand on existing agreements between the two in the area of e-commerce and online payment. The announcement was short on details, but MasterCard has worked with Alibaba in the past, integrating its Alipay online payment method into its DataCash initiative. The MOU eventually will lead to cooperative ventures in cross-border payments, acceptance, security and perhaps fostering expansion of the recently launched MasterPass in China, according to the companies.
“MasterCard and Alibaba Group have fostered a strong collaboration in the area of e-Commerce in the past years,” said Ling Hai, division president of Greater China for MasterCard. “This MOU is another significant step in the joint effort to drive the innovation and development of e-Commerce in China. We are looking forward to seeing fruitful results from these collaborations.”