Mastercard and Tencent's TenPay Global sign an MoU on QR acceptance, remittances and agentic payments

Mastercard and Tencent's TenPay Global have signed a memorandum of understanding for a proposed collaboration, announced on 2 November. It is non-binding, and financial terms and timelines were not disclosed.

The partners will explore QR code acceptance for international visitors in mainland China, remittances into the Weixin ecosystem and AI-enabled commerce. On the AI side, Mastercard names Agent Pay, Agent Connect and Virtual C-Suite as the products to be explored, with the aim of extending interoperability, trust and security to agentic commerce.

Separately, CEO Michael Miebach said on Mastercard's third-quarter earnings call that the company has a broad partnership with OpenAI that includes the use of Agent Pay. Financial terms and timelines were not disclosed.