For the past several years, China UnionPay and American Express have cooperated within China where American Express cards run on the China UnionPay network.
This new MOU will establish working teams to develop potential new areas of cooperation between the two companies within China and in markets outside of China.
China UnionPay is the bankcard association in China and is responsible for operating the unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay card.
China will overtake the U.S. as the largest market for credit cards by 2020 with about 900 million cards in circulation, MasterCard said recently.
Total cards likely will increase 11% a year as transaction value climbs 14% annually until 2025, according to MasterCard.
