China UnionPay (CUP) and Visa Inc. today signed a Memorandum of Understanding (MOU) in Shanghai with both parties agreeing to collaborate on payments security, innovation and financial inclusion. The MOU was signed between Shi Wenchao, President of CUP, and Charlie Scharf, Chief Executive Officer of Visa Inc.
„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.”, according to the press release.
Shi Wenchao, President of CUP, said, “The MOU signing is the result of joint efforts by CUP and Visa, representing a new start to our win-win cooperation. As open payment networks, both companies follow the same business model, share the common interest of maintaining their brand rights and promote the core concept of open cooperation. The joint cooperation will have an important influence on the healthy development of the global payments industry, providing cardholders with more convenient, secure and highly efficient payment services.”
“CUP stays committed to the philosophy of openness and win-win cooperation,” said President Shi. “CUP is keen to actively cooperate with relevant parties to innovate and promote the orderly long-term development of the global payments industry, fully respecting the regulatory regime and industry consensus to underpin those efforts.”
Charlie Scharf, CEO of Visa Inc. said, “Visa is delighted to have concluded this MOU with CUP. This is a unique collaboration between two leading industry players to address major challenges facing the payments industry. We are excited to be working together on innovation as digital payments transform commerce, resulting in safer, faster and more convenient ways for consumers to pay. Innovation will also play an important role in our joint efforts to expand access to financial services for the underserved. The global payments industry will benefit from these efforts.”
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. 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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
