Mastercard (MA) signed a memorandum of understanding with Tencent's TenPay Global to explore cross-border payment services and AI-powered payments, the companies said Monday.
The companies said the partnership would allow international visitors to use their digital wallets and banking apps to pay at QR-enabled merchants in mainland China.
The companies will also work to improve payment processing, currency conversion and fraud prevention, they added.
Mastercard and Tencent said they will also explore AI-powered payments, including services that allow AI agents to make transactions on behalf of consumers and businesses.
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