Under the terms of the agreement, the US Bankcard Services will enable its merchant members to process payment transactions made with CUP debit and credit cards at their points-of-sale. There is no pre-set limit to the amount a cardholder can spend, other than what is available in the account.
According to the US Department of Commerce, the Chinese tourist market is expected to reach 579,000 Chinese visitors to the US by 2011, and 100 million travelers worldwide by 2020.
Founded in 2002, China UnionPay has already issued more than 2 billion debit and credit cards.
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