China UnionPay (CUP) and Visa inked a Memorandum of Understanding (MOU) in Shanghai with both parties agreeing to collaborate on payments security, innovation and financial inclusion.
The MOU provides an important platform for CUP and Visa Inc., two world-leading payments networks, to work together to strengthen and create new value for the bank card ecosystem benefiting consumers, merchants, financial institutions, and technology partners. Key areas of cooperation under the MOU are payments security, innovation and financial inclusion.
As a bankcard network, China UnionPay operates China’s national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders.
To date, the total number of UnionPay Cards issued both at home and abroad stands at over 5 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, UnionPay has enabled the UnionPay Card acceptance in more than 150 countries and regions through extensive cooperation with financial and payment institutions around the world. Unionpay cards can be used in about 34 million merchants and more than 2 million ATMs.
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