CUP, MasterCard Sign Payment Gateway Service Agreement
July 5, 2011
China UnionPay (CUP) and MasterCard Worldwide recently signed an agreement that will enable MasterCard’s e-commerce platform to accept CUP cards. Under the agreement, MasterCard’s payment gateway will be able to process transactions made using China UnionPay Cards for e-commerce merchants outside of mainland China. The companies also announced they 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 agreement are related cross-border transactions and not domestic transactions, according to the Purchase, N.Y-based card network. The companies said the aim of the MOU is to establish a mutually beneficial relationship to explore future business development. Among other areas, CUP and MasterCard indicated they will work together to explore mutually beneficial solutions to innovative payment businesses.