MUMBAI (Reuters) - India’s National Payments Corp of India (NPCI), which runs the RuPay payment card network, said it had received the Reserve Bank of India’s approval for a tie up with Chinese government-supported payment card network China UnionPay.
NPCI Chief Executive A.P. Hota said the two sides have signed a memorandum of understanding, but were still working out the details of the tie up.
Under the approval, China UnionPay’s cards will be accepted at all the ATMs and point of sale terminals in India through NPCI’s network, Hota said.
Reporting by Neha Dasgupta; Editing by Anand Basu