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.”