Two leading digital payment technology providers, Macau Pass Group Holdings Limited of Macau and Hungary’s Cardnet Group, have announced a strategic alliance to launch the innovative Bridge Project. This collaboration aims to connect Asian and European digital payment infrastructures, creating a seamless and secure ecosystem for cross-border transactions.
Launch of the Bridge Project
The memorandum of understanding for the Bridge Project was signed in Beijing, in the presence of Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó. This partnership represents a significant step toward integrating digital payment systems across continents.
The Bridge Ecosystem
The project will establish the Bilateral Retail Interoperability Digital Gateway Ecosystem (Bridge), a unified platform designed to integrate Asian mobile payment systems with European contactless payment networks. Key features include:
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Streamlined Cross-Border Payments: Simplifying transactions between Asian and European systems.
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Real-Time Currency Conversion: Ensuring quick and accurate currency exchanges.
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Enhanced Security: Adhering to the highest financial, data protection, and security standards.
Macau Pass, a pioneer in Asian digital payment solutions and a partner of Ant International (owner of Alipay Plus), will combine its expertise with Cardnet, which collaborates with Hungarian financial and technology partners to connect to European payment networks.
Central Interoperability Platform (CIP)
As part of the collaboration, the two companies will develop the Central Interoperability Platform (CIP). This platform will enable QR code-based and NFC-based transactions, serving a diverse audience, including:
Statements from Leaders
Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade
“With 21 flights weekly from major Chinese cities to Budapest and visa-free travel for Hungarian citizens to China, tourism between our nations is on the rise. The common payment platform will further enhance this trend, making it easier for citizens of both countries to make payments using their native systems. This agreement marks a significant milestone in fostering connectivity and tourism between China and Hungary.”
János Kóka, Managing Director of Cardnet Group
“This collaboration positions Hungary as a critical digital transit hub for payment transactions between Chinese and European customers, fostering closer economic ties and mutual benefits.”
Sun Ho, Chairman and CEO of Macau Pass Group Holdings Limited
“By bridging the gap between East and West, we are laying the foundation for a truly interconnected global digital payment ecosystem, benefiting consumers and businesses alike.”
Impact on Tourism and Trade
The Bridge Project is set to enhance the appeal of both Hungary and China as travel destinations. By facilitating easier and more secure payment options, the platform is expected to boost tourism and strengthen economic exchanges between the two regions.
Conclusion
The collaboration between Macau Pass and Cardnet Group underscores the growing importance of integrated digital payment systems in today’s globalized economy. By creating a unified payment platform, the Bridge Project paves the way for a more interconnected and efficient digital payment ecosystem, fostering stronger ties between Asia and Europe.
