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
New Cashback Program in FBS TraderGo to article >>
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.