Mastercard: Hopes for China to further open up

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Ann Cairns, President of International Markets for Mastercard, has indicated that Mastercard has made steps into the Chinese market, and said her team is already working with UnionPay.

Mastercard is a leading global payments and technology company. As China continues to open up its market, Mastercard is seizing the opportunity to expand its operations in China.

“Actually, we bring something new to the market. We bring innovation, and we also raise global activity and provide more opportunities for partnerships. We look forward to working with Chinese players and also bringing an international perspective. So we would love to see China open up more to international players,” Ann denoted.

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However, China has started to protect domestic businesses by enforcing regulations to prevent foreign companies from expanding. Foreign enterprises face several challenges, including long-winded and complex approval processes and double standards.

“We play in an openly competitive landscape with local players. There are many local players, but we want competition not monopolies. We can learn from domestic players and they can learn from us,” said Ann.

Over the years, consumption has risen in China, and we can see a big shift from cash payments to electronic ones. This is creating business momentum and new pricing opportunities. Ann thinks that the company's expansion in China will bring value added services to consumers.

(CGTN’s Chen Lei also contributed to the story)