February 25, 2016 / 11:11 AM / 3 years ago

Visa signs MoU with China UnionPay

A Visa advertising banner is pictured as Italy's national soccer goalkeepers Gianluigi Buffon and Salvatore Sirigu drink during a training session ahead of the 2014 World Cup at the Portobello training center in Mangaratiba June 10, 2014. REUTERS/Alessandro Garofalo

(Reuters) - China UnionPay and Visa Inc signed a memorandum of understanding to collaborate on payments security, Visa said on Thursday.

The MoU comes as Visa awaits regulations that would give it direct access to the Chinese market for clearing bank card transactions. The market was valued at $6.84 trillion in 2014.

China had announced last year that it would open up the market for foreign payment networks from June.

Visa, the world’s largest payments network operator, had said in January that it continues to work towards making a formal application in China while awaiting final regulations.

Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta

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