Singapore, 14 September 2010 – China UnionPay (UnionPay) and MasterCard Worldwide today announced that both parties have signed a Memorandum of Understanding (MOU) for the establishment of a mutually beneficial relationship to explore future business development.
Both UnionPay and MasterCard will form working groups to discuss opportunities and formulate a business development plan. The MOU aims to forge a platform for potential cooperation including online payment and other areas.
About China UnionPay
China UnionPay, established in 2002, is the bankcard association in China. As the pivotal role of China’s bankcard industry, China UnionPay is responsible for operating unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay card. To date, the total number of UnionPay card issued worldwide has exceeded 2.1 billion. In 2009, the number of UnionPay card inter-bank transactions reached 7 billion with an amount of USD 1.1 trillion. China UnionPay has also established partnership with around 400 financial institutions all over the world. As of now, UnionPay card international acceptance network has been extended to 92 countries and regions. Over 10 of them have issued UnionPay card. For more information, go to www.chinaunionpay.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercard.com. Follow us on Twitter: @mastercardnews.