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.
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: