China UnionPay (UnionPay) and MasterCard Worldwide recently signed a Payment Gateway Service Agreement that will enable MasterCard's e-commerce platform to accept UnionPay Cards.
Under the agreement, both UnionPay and MasterCard will cooperate to configure their respective systems to equip the MasterCard Payment Gateway with the ability to process transactions made using UnionPay Cards for e-commerce merchants outside of mainland China. Present at the signing ceremony were Su Ning, Chairman, China UnionPay; and Xu Luode, President and Chief Executive Officer; Ajay Banga, President and Chief Executive Officer, MasterCard Worldwide; and Vicky Bindra, President, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.
Additionally, UnionPay and MasterCard announced that both parties have signed an Addendum to extend the term of their existing Memorandum of Understanding (MOU). The areas of cooperation included within the scope of the Addendum and Payment Gateway Service Agreement are related to cross-border transactions and not domestic transaction. The aim of the MOU is for the establishment of a mutually beneficial relationship to explore future business development. Among other areas, UnionPay and MasterCard will work together towards exploring mutually beneficial solutions to innovative payment businesses.
The Addendum and Payment Gateway Service Agreement reinforces UnionPay and MasterCard's cooperation to provide more efficient and value-added services for cardholders.