BEIJING - China UnionPay and the Taiwan-based Taishin Bank on Monday inked a memorandum of cooperation to expand the use of UnionPay cards in Taiwan.

Cooperation between the two sides has warmed up over the years. Besides the acceptance of UnionPay cards at point-of-sale and automatic teller machines (ATM) in Taiwan, card-owners can withdraw cash from branches of Taishin Bank for emergency use if their cards are lost.

Meanwhile, Taishin Bank has agreed to allow cross-border payments with UnionPay cards on its online shopping-malls.

Xu Luode, China UnionPay president, said with individuals from more mainland cities being approved to visit Taiwan for tourism, the two parties will see strengthening cooperation so as to facilitate exchanges.