China UnionPay and MasterCard Worldwide have signed a payment gateway service agreement that will enable MasterCard’s e-commerce platform to accept UnionPay cards. Under the agreement, both UnionPay and MasterCard will co-operate to configure their respective systems to equip the MasterCard Payment Gateway with the ability to process transactions made using UnionPay Cards for e-commerce merchants outside of mainland China.
Additionally, UnionPay and MasterCard have announced that both parties have signed an addendum to extend the term of their existing memorandum of understanding (MOU). The areas of co-operation included within the scope of the addendum and payment gateway service agreement are related to cross-border transactions and not domestic transactions. The aim of the MOU is for the establishment of a mutually beneficial relationship to explore future business development. Among other areas, UnionPay and MasterCard will work together towards exploring mutually beneficial solutions to innovative payment businesses.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
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