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.
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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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