SHANGHAI--(BUSINESS WIRE)--
China UnionPay (CUP) and Visa Inc. today signed a Memorandum of
Understanding (MOU) in Shanghai with both parties agreeing to
collaborate on payments security, innovation and financial inclusion.
The MOU was signed between Shi Wenchao, President of CUP, and Charlie
Scharf, Chief Executive Officer of Visa Inc.
The MOU provides an important platform for CUP and Visa Inc., two
world-leading payments networks, to work together to strengthen and
create new value for the bank card ecosystem benefiting consumers,
merchants, financial institutions, and technology partners. Key areas of
cooperation under the MOU are payments security, innovation and
financial inclusion.
Shi Wenchao, President of CUP, said, “The MOU signing is the result of
joint efforts by CUP and Visa, representing a new start to our win-win
cooperation. As open payment networks, both companies follow the same
business model, share the common interest of maintaining their brand
rights and promote the core concept of open cooperation. The joint
cooperation will have an important influence on the healthy development
of the global payments industry, providing cardholders with more
convenient, secure and highly efficient payment services.”
“CUP stays committed to the philosophy of openness and win-win
cooperation,” said President Shi. “CUP is keen to actively cooperate
with relevant parties to innovate and promote the orderly long-term
development of the global payments industry, fully respecting the
regulatory regime and industry consensus to underpin those efforts.”
Charlie Scharf, CEO of Visa Inc. said, “Visa is delighted to have
concluded this MOU with CUP. This is a unique collaboration between two
leading industry players to address major challenges facing the payments
industry. We are excited to be working together on innovation as digital
payments transform commerce, resulting in safer, faster and more
convenient ways for consumers to pay. Innovation will also play an
important role in our joint efforts to expand access to financial
services for the underserved. The global payments industry will benefit
from these efforts.”
About China UnionPay
As a bankcard network, China UnionPay operates China’s national
inter-bank clearing and settlement system, develops the worldwide
UnionPay Card acceptance network, promotes the issuance and usage of the
UnionPay Card as well as other innovative payment solutions, so as to
provide quality, efficient and safe payment services to cardholders. To
date, the total number of UnionPay Cards issued both at home and abroad
stands at over 5 billion. The UnionPay network has been extended to all
the cities and rural areas in China. In addition, UnionPay has enabled
the UnionPay Card acceptance in more than 150 countries and regions
through extensive cooperation with financial and payment institutions
around the world. Unionpay cards can be used in about 34 million
merchants and more than 2 million ATMs. Additional information may be
found at: www.unionpay.com.
About Visa
Visa Inc. (NYSE:V) is a global payments technology company that connects
consumers, businesses, financial institutions, and governments in more
than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa,
visacorporate.tumblr.com
and @VisaNews.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160225005506/en/
Source: Visa Inc.