SHANGHAI -- China UnionPay and Visa, two of the world's leading bank card clearing service providers, on Thursday inked a memorandum of understanding on payment innovation, security and inclusive finance.

The cooperation will help facilitate more convenient, safer and more efficient payment services for customers, said China UnionPay president Shi Wenchao.

China UnionPay is responsible for all bank card transactions on the Chinese mainland. It has bank card clearing services in over 150 countries and regions.