MasterCard and China UnionPay (UnionPay) announced in Shanghai that they have recently signed a cooperative agreement and a supplementary Memorandum of Understanding (MOU) in relation to development of online payment business. At the signing ceremony, MasterCard Worldwide was represented by its President and CEO, Mr. Ajay Banga and President, Asia/Pacific, Middle East & Africa, Mr. Vicky S. Bindra and China UnionPay by its Chairman Mr. Su Ning and President Mr. Xu Luode.

　　According to the agreement, MasterCard and UnionPay will jointly develop online payment business outside China, allowing UnionPay cards used outside the country to be processed over MasterCard's worldwide network, hence facilitate growth of offshore cross-border UnionPay transactions. In addition, the two parties extended a previously signed MOU expanding the scope of cooperation and pledging to explore new joint projects in the innovative payment arena.

　　MasterCard and UnionPay have been long-term partners. Building on this latest pact, they will continue to push for more extensive cooperation with the aim of providing cardholders with high quality and effective services. In the course of developing its business, UnionPay has insisted on being open and cooperative, and striving for mutual support with its partners in the quest for advancement and benefits for all parties concerned.