Overseas users of China UnionPay cards are poised to receive a huge boost in destinations accepting the card. According to a report from Reuters, the National Payments Corp of India (NPCI), the group has received approval from the Reserve Bank of India for its planned cooperation with China UnionPay.
Created as a central body to develop and monitor India’s payment network between banks and their customers, the NPCI launched RuPay in 2012, a domestic electronic payment network that is accepted at all Indian financial institutions and competes with Visa and MasterCard in the country. The timing of the RBI’s approval coincides with a two-day payment event hosted by the NPCI which begins today. The conference features leaders of payment companies from 17 countries including representatives from China
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Upon completion of a partnership with China UnionPay, its cards will be supported at all merchants and ATMs that use the RuPay network. While a time table hasn’t been set for integrating China UnionPay cards within the RuPay network, upon completion of a partnership, it will ease the ability of Chinese cardholders to process transaction and withdraw local currency from ATMs in India.