Mastercard Soars as China Guangfa Bank Expands Card Capabilities for Domestic Use

In recent developments surrounding Mastercard, China Guangfa Bank has announced an upgrade to its Mastercard-branded single-logo credit cards, which were previously limited to overseas transactions only. The upgrade transforms them into China-specific Mastercards that support both domestic and international transactions. This change applies to cards beginning with "536998" and "537138", such as the Guangfa Mastercard Rewards Card, Guangfa Mastercard Foreign Currency International Card, and Guangfa Mastercard Prestige Traveler Card. The upgraded cards will support renminbi transactions, both online via platforms such as Alipay and WeChat, and offline at domestic merchants equipped with Mastercard POS systems.

This upgrade is part of a broader initiative to migrate existing users of single-logo Mastercards to the new China Mastercard, offering "one chip dual application". It allows seamless use both domestically and internationally, in-store and online. From June 7, 2025, Guangfa Bank will cease issuing single-logo Mastercards limited to overseas use; cardholders can upgrade their cards through online channels without fees or changes in card benefits or account numbers.

The collaboration between Mastercard and Chinese banks continues to strengthen. In May of last year, Mastercard began domestic operations of its brand's card clearing business through its wholly-owned subsidiary in Beijing, marking a significant milestone. As one of Mastercard's long-standing partners, China Guangfa Bank was among the first to issue renminbi-denominated Mastercards. They introduced their first China Mastercard-branded card last May, further expanding their portfolio with products like the Truth Platinum Credit Card and the CityDrive Auto Owners Credit Card. This strategic partnership enhancement aims to provide cardholders with diverse payment options and an improved card usage experience.