September 14, 2010 – China UnionPay and MasterCard 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. The agreement may help boost revenue for both companies by adding locations where their cards are accepted.
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.
According to Bloomberg – “China will overtake the U.S. as the largest market for credit cards by 2020 with about 900 million cards in circulation, MasterCard said on Sept. 10. Total cards will likely increase 11 percent a year as transaction value climbs 14 percent annually until 2025, the company said.”
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.
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 serves consumer and businesses in more than 210 countries and territories.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”