MasterCard Worldwide and China UnionPay have signed a memorandum of understanding (MOU) for the establishment of a mutually beneficial relationship to explore future business development.

The MOU aims to forge a platform for potential cooperation including online payment and other areas.

Both UnionPay and MasterCard will form working groups to discuss opportunities and formulate a business development plan, said MasterCard.

Established in 2002, China UnionPay is the bankcard association in China. It is responsible for operating unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay card.