GENEVA - China UnionPay (CUP) and SIX Multipay, the biggest Swiss card-payment company declared on Monday a joint program that enables Swiss merchants to accept payments from credit cards or debt cards issued by CUP.

The program, which includes payment system upgrading and promotion of CUP cards acceptance among Swiss merchants, was jointly launched by both companies in the Swiss Alpine city Interlaken.

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"Switzerland is one of the most favorable destination for Chinese tourists, and the new program, with its upgraded services, will give more access to the CUP cards in Switzerland and therefore better serve the need of our customers," said Cai Jianbo, CUP Executive Deputy President.

The new services are certainly beneficial to both sides, he added.

Founded in 1976 under the name Eurocard SA, SIX Multipay today is the leading company for cashless payment transfers in Switzerland, covering 90 percent of card-payment services for ATMs and 70 percent such services for merchants.

China UnionPay is a Shanghai based association for China's banking card industry, with nearly 400 domestic and international financial institutions joining its network.