Empowering Connectivity: Mastercard’s Vision for Inbound Payments in China

At the 'Mastercard 2023 China Acquiring Business Security Summit' held on November 30, 2023, Mastercard and leading domestic acquiring partners collectively discussed the development trends and opportunities in the field of inbound payments. As a Mastercard Network Enablement Partner (NEP), Coshine Software was honored to be invited to participate in this industry summit.

During the summit, Mr. Chang Qing, Executive Vice President and President of Greater China at Mastercard, stated, 'Since the beginning of this year, with global economic activities gradually recovering, international business and travel entry into China have become more normalized. Mastercard is honored to help individuals holding overseas issued bank cards have a more convenient and secure experience in cultural exchanges and economic transactions in China through our network, technology, and services. In the future, we will continue to work closely with partners from all sectors, continually improve inbound payment environments, and provide strong support for deepening connectivity, stimulating consumer vitality, and promoting inclusive economic growth.'

According to third-quarter data, Mastercard's global cross-border payment transaction volume grew by over 20%, and in China, the year-on-year growth in inbound and outbound travelers was 454.4%, demonstrating strong consumption resilience and cross-border growth.

During the summit, Mastercard announced four initiatives to accelerate the facilitation of inbound payments in the Chinese market. Through collaboration with local governments, acquiring institutions, and industry partners, these measures aim to optimize inbound payment services, enhance the payment experience for inbound travelers, and support a higher level of openness to the outside world:

1. Expand the acceptance scope of foreign payment cards, create demonstration business districts and scenes, and promote the coverage of foreign card acceptance in key business districts and tourist attractions.
2. Diversify the methods of accepting foreign payment cards, promote contactless bank card acceptance, and implement contactless transactions for foreign cards in high-frequency scenarios for inbound travelers.
3. Advance the identification and maintenance of acceptance for foreign payment cards, standardize the display of foreign card acceptance signs, and add foreign card ATMs.
4. Strengthen safety training and market education, enhance training for frontline personnel such as merchant cashiers in accepting foreign payment cards, and popularize consumers' knowledge of the secure use of foreign cards.

Mastercard pledged to collaborate with partners from all sectors to jointly improve the inbound payment environment and provide robust support for deepening connectivity, stimulating consumer vitality, and promoting inclusive economic growth.

About Coshine Software:

Established in 2003, Shanghai Coshine Software Co., Ltd. is a leading data processing company. As a Mastercard Network Enablement Partner (NEP), Digital Activity Service Provider (DASP), and one of the payment processors, Coshine Software is dedicated to providing a range of innovative payment solutions, including card issuing, acquiring, payment gateway, and risk control, for financial institutions, fintech industry pioneers, businesses, and the real economy. Focusing on facilitating the digitization of business payments and fund flows, Coshine Software offers local and global customers efficient and secure payment solutions.