Enterprise Innovation — China UnionPay (CUP) andVisa have 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.
Enterprise Innovation — UnionPay International has cooperated with Saudi Arabia’s Alinma Bank to enable all ATMs and merchants of the latter to accept UnionPay cards (card number starting with 62), making Alinma the first local bank to accept UnionPay cards. To promote card usage channels, the two sides also agreed to issue UnionPay to provide secure and convenient payment services for local consumers.
Enterprise Innovation — ChinaDailyNews cites market research firm Packaged Facts as estimating the global payment card market to have reached at US$17.26 trillion in purchase value in 2014. The same article claims China UnionPay (CUP) accounted for 24.3% or US$5.92 trillion in the same period.