China UnionPay (CUP) and Visa have inked a memorandum of understanding (MOU) in Shanghai to partner on payments security, innovation and financial inclusion.
The MOU will allow the companies to collaborate on complying with regulatory needs to strengthen the bank card ecosystem, which will benefit consumers, merchants, financial providers, as well as technology partners.
CUP president Shi Wenchao said: "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."
Visa CEO Charlie Scharf added: "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."