You are here

Visa signs MoU with China UnionPay

Thursday, February 25, 2016 - 19:38

[SHANGHAI] China UnionPay and Visa Inc signed a memorandum of understanding to collaborate on payments security, Visa said on Thursday.

The MoU comes as Visa awaits regulations that would give it direct access to the Chinese market for clearing bank card transactions. The market was valued at US$6.84 trillion in 2014.

China had announced last year that it would open up the market for foreign payment networks from June.

Visa, the world's largest payments network operator, had said in January that it continues to work towards making a formal application in China while awaiting final regulations.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom