MasterCard to Develop E-Commerce Products with China CITIC Bank

April 18, 2013

MasterCard has signed an agreement with a Chinese bank to work jointly on projects in the “virtual payments space.” The Purchase, N.Y.-based card network signed a strategic agreement with China CITIC Bank to develop and promote products for e-commerce including virtual payment card technology and QR code services.

“MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry,” said Tim Murphy, chief product officer of MasterCard. “This will be another opportunity for us to further build on our vision of a world beyond cash.”

The companies noted that MasterCard’s technology will enable the Chinese bank to address important strategic concerns “in the rising online financial product sector, particularly in the areas of e-commerce, mobile payments and online mortgages.”