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National Payments Corp of India to tie up with China UnionPay
May 21, 2015 / 6:33 AM / 2 years ago

National Payments Corp of India to tie up with China UnionPay

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.

A RuPay sign is seen on the door of an automated teller machine (ATM) while a user is seen, at a commercial building in Mumbai September 11, 2014. REUTERS/Danish Siddiqui/Files

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

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