China UnionPay and MasterCard Sign MOU

China UnionPay and MasterCard Worldwide MA today announced that both parties have signed a Memorandum of Understanding (MOU) for the establishment of a mutually beneficial relationship to explore future business development. Both UnionPay and MasterCard will form working groups to discuss opportunities and formulate a business development plan. The MOU aims to forge a platform for potential cooperation including online payment and other areas.