Visa and Mastercard are intensifying their efforts to remain significant in the rapidly evolving financial landscape of Africa, where digital wallets and quick codes are gaining popularity among users. This strategic push includes substantial investments in the region. Additionally, Mastercard is expanding its capabilities in cross-border remittances through a partnership with Alipay. This collaboration aims to facilitate transactions in digital wallets "in near real-time", thereby broadening Mastercard's reach in this domain. The move comes after the relaxation of rules around foreign ownership of payment processors in China in March 2018, which paved the way for companies like Paypal and Mastercard to operate after the signing of China's Phase One trade deal with the US in 2020.