Nio said it and Mastercard will work together to provide more value-added services to users worldwide, helping the company expand and grow its business in global markets.
Nio (NYSE: NIO) has entered into a partnership with multinational payment services giant Mastercard to pave the way for better vehicle-related payment services for users outside China.
The Chinese electric vehicle (EV) maker signed a strategic cooperation agreement with Mastercard today in Shanghai, where it has its global headquarters, according to an announcement.
The two companies will develop a deep strategic partnership globally in the areas of user value-added services, payment innovation, data services and consulting, joint marketing, and ESG (environmental, social, and governance).
The two companies will work together to provide Mastercard cardholders with value-added services and exclusive benefits such as charging, battery swap, maintenance, car rental and business travel VIP benefits.
They will also explore building in-vehicle payment functions for Nio users, realizing seamless in-vehicle payment for charging, parking, access, shopping and other expenses, to create a more convenient and efficient travel experience for users around the world, Nio said.
Nio co-founder and president Qin Lihong, and Mastercard global executive vice president and president of Greater China Chang Qing attended a signing ceremony.
Mastercard is a well-known global technology company in the payment field, and this strategic partnership will further promote Nio's vision of becoming a leading user enterprise in technology and experience, Qin said.
Together, the two companies will provide more value-added services to users around the world, creating a car using, mobility and business experience that exceeds expectations, and helping Nio expand and grow its business in the global markets, he said.
Nio and Mastercard will create innovative partnerships globally and take key steps toward becoming the most valuable brands in their respective sectors, Chang said.
In China, Mastercard's equivalent is China UnionPay -- which also has a wide-ranging overseas presence, though it still pales in comparison to the US company.
Nio unveiled its plans to enter the global market in May 2021 and opened its first Nio House in an overseas market in Norway on October 1 of the same year, marking the official start of its international expansion efforts.
In Europe, Nio's vehicles are already available in five markets -- Norway, Germany, the Netherlands, Sweden and Denmark.
On October 4, Nio signed an agreement with its Middle East backer, Abu Dhabi-based CYVN Holdings, to establish Nio MENA, marking its entry into the Middle East and North Africa (MENA) market.
The company opened Nio House Abu Dhabi in the UAE on November 28, the first Nio House to open in the MENA region.
On November 15, the Chinese EV maker announced a partnership with Azerbaijani distributor Green Car to expand into the Azerbaijani market.
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