BEIJING, Sept. 14 (Xinhua) -- China UnionPay and MasterCard Worldwide announced Tuesday that they have signed a Memorandum of Understanding for future business development.

The agreement seeks to set up a cooperation mechanism for both sides and the two companies plan to form working groups to discuss and implement development plans for online payments and other business opportunities.

China UnionPay is the bankcard association in China, operating unified interbank clearing and settlement systems throughout the country.