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.
Additionally, UnionPay and MasterCard announced that both parties have signed an Addendum to extend the term of their existing 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 transactions.
MasterCard said 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.
