(By Balaseshan) MasterCard Inc. (NYSE: MA) said it has signed a Memorandum of Understanding (MOU) with China's Alibaba Group to explore future collaboration in the area of e-Commerce.
The MOU aims to forge joint efforts to establish an enhanced e-Commerce environment to benefit consumers and small businesses within and outside China.
Both companies believe that innovation and collaboration are the drivers of development in e-Commerce, and are committed to fostering an enhanced e-Commerce environment that provides a safe and efficient payment experience for users of Alibaba Group's platforms such as AliExpress and its affiliate Alipay.
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Both parties have agreed to cooperate on innovations including cross-border payments, acceptance, security and risk management as well as with MasterPass, the MasterCard digital service that allows consumers to use any payment card or enabled device to discover enhanced shopping experiences.
Alibaba said it and its affiliate Alipay will seek to work with MasterCard on a number of innovative services in order to provide an enhanced shopping experience to consumers as well as a better online business environment to small businesses in and outside China.
MA is trading up 0.22% at $539.22 on Thursday. The stock has been trading between $389.90 and $540.78 for the past 52 weeks.