China CITIC Bank and MasterCard have agreed to jointly develop virtual payment products including Quick Response (QR) code services to be offered within and outside China.
The cooperation agreement signed recently involves pursuing innovations in virtual card payment technology, product development, acceptance and risk management.
The two companies have previously launched a variety of credit cards together.
Tim Murphy, Chief Product Officer of MasterCard, said this new partnership will pursue their shared vision of a "world beyond cash."
China CITIC Bank said it is looking to create a diversified electronic payments tool to achieve its goal of a ‘new Online China CITIC Bank’. It is also planning to further develop its channel strategy as it moves to extend its branch networks and enhance its electronic capability.
Part of the strategy is also to expand internationally, thus the need to develop cross-border settlements and improve the cardholder shopping experience outside of China.