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July 1, 2011

UnionPay and MasterCard extend relationship

MasterCard has struck a Payment Gateway Service Agreement with China UnionPay allowing the network to accept UnionPay cards via its e-commerce platform.Under the agreement, both parties will co-operate to configure their systems to equip the MasterCard Payment Gateway with the ability to process UnionPay e-commerce transactions for merchants outside of mainland China.

By Verdict Staff

MasterCard has struck a Payment Gateway Service Agreement with China UnionPay allowing the network to accept UnionPay cards via its e-commerce platform.

Under the agreement, both parties will co-operate to configure their systems to equip the MasterCard’s Payment Gateway with the ability to process UnionPay e-commerce transactions for merchants outside of mainland China.

UnionPay and MasterCard have also signed an Addenum to extend the term of their existing Memorandum of Understanding (MOU), the aim of which is for the establishment of a mutually beneficial relationship to explore future business development.

The areas of co-operation included within the scope of the Addendum and the Payment Gateway Service Agreement are related to cross-border transactions and not domestic transactions.

 

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