BEIJING - Holders of China UnionPay (CUP) bank cards will be able to use their cards in online stores in Taiwan following an agreement reached between CUP and Taiwanese authorities.

Su Ning, CUP chairman and authorities of Taiwan's credit card center announced the decision on Wednesday, allowing the extension of CUP payment services to online businesses. CUP services are already used by half of the island's merchants and 80 percent of its ATMs.

The agreement makes Taiwan's credit card center the first authorized institution in Taiwan to accept online CUP transactions.

Su said CUP transactions are rapidly developing in Taiwan, becoming a "most remarkable part" of financial cooperation between the Chinese mainland and Taiwan.