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China CITIC Bank partners with MasterCard to develop innovations in payment industry

220px-MasterCard_Logo.svgChina CITIC Bank and MasterCard recently partnered to jointly develop and collaborate on innovations in the virtual card payment industry, risk management and product development.

“We have built a valuable partnership with China CITIC Bank’s Credit Card Center and have successfully launched a variety of credit cards together,” Tim Murphy, the chief product officer of MasterCard, said. “MasterCard will leverage our global network and expertise to help drive further development and innovation in the Chinese electronic payments industry. This will be another opportunity for us to further build on our vision of a world beyond cash.”

MasterCard and China CITIC Bank have an existing partnership in cross-border settlements, product campaigns and product development, and the companies plan to build on their existing agreements to improve the e-commerce experience for consumers and provide new payment services to domestic and overseas China CITIC Bank cardholders.

China CITIC Bank’s strategy is partly centered around internet banking, and the bank plants to develop an electronic payments tool to reach its goal of a “new Online China CITIC Bank.” The bank also plans to enhance its electronic capabilities to cut costs and increase customer convenience.

Founded in 1987, China CITIC Bank is one of China’s foremost commercial banks and the first to engage in financing in domestic and international markets.

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