Moreover, the Reserve Bank of India (RBI) is also considering a bilateral arrangement whereby CUP cards are accepted in the country and Indias card issuer RuPay’s cards are accepted in China.
Currently, CUP and RuPay have an agreement with US card company Discover to use the latters global network for facilitating international payments. Through the Discover network, RuPay cards can be used in China and CUP cards can be used in India.
A direct agreement will enable both cardholders to make payments in each others country without going through an international network.
In recent news, China UnionPay and American Express have signed an agreement for both companies to explore the expansion of their current partnership.
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