💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Visa signs MoU with China UnionPay

Published 02/25/2016, 06:09 AM
Updated 02/25/2016, 06:20 AM
© Reuters. A Visa advertising banner is pictured as Italy's national soccer goalkeepers Buffon and Sirigu drink during a training session ahead of the 2014 World Cup in Mangaratiba
V
-

(Reuters) - China UnionPay and Visa Inc (N:V) 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 $6.84 trillion in 2014.

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

© Reuters. A Visa advertising banner is pictured as Italy's national soccer goalkeepers Buffon and Sirigu drink during a training session ahead of the 2014 World Cup in Mangaratiba

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.