Mastercard and Bank of Shanghai team up for China cross-border payments

It is expected to benefit SMEs and international students.

Mastercard has integrated Bank of Shanghai (BoS) into Mastercard Move for bi-direction payment flows between China and global markets, according to a press release.

The move is expected to give small and medium enterprises (SMEs), students, and families in China a more efficient way to move money locally and around the globe.

Chinese SMEs are offered multi-currency settlement in Chinese Yuan or US dollar, Mastercard said.

It is also expected to benefit the nearly 700,000 Chinese students that study abroad each year.

“With this collaboration, we’re extending our multi-rail capabilities across cards, digital wallets and bank accounts to give banks and payment service providers across the world a single, trusted platform to send funds to China,” said Pratik Khowala, global head of transfer solutions, Mastercard.