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MasterCard has announced that it has seen “double-digit” growth in the number of transactions it handles in China compared to just last year.
MasterCard mainly handles cross-border ecommerce transactions in the country, where legal restrictions mean that foreign companies cannot handle domestic transactions.
It puts the rapid growth in transactions handled down to China’s booming online shopping market, with a MasterCard spokesperson saying: “The development of ecommerce is our best friend”.
It may be looking at even further growth in the near future if the Chinese government lifts restrictions on foreign companies operating in China, a move that is reportedly in the pipeline and has been described as a potential “game-changer” by MasterCard.