Print Page   |   Contact Us   |   Your Cart   |   Sign In   |   Learn More
NAPCP Search
Commercial Card News Brought to You by the NAPCP: Industry News

China to Ease Credit Card Restrictions

Thursday, October 30, 2014   (1 Comments)
Posted by: Mike Rose

According to reports, China will open up its market for clearing bank card transactions, paving the way for foreign companies such as Visa and MasterCard to operate in the country.

Reuters reports that the Chinese market is worth more than $1 trillion annually.

According to a Wall Street Journal blog post, the move could potentially resolve a longstanding trade dispute between the U.S. and China over access to the market.

The Wall Street Journal reports that China's State Council will allow qualified foreign firms to apply to set up card-clearing operations—a process that involves settling payments between banks and vendors.

Sources: Reuters, The Wall Street Journal

 

Comments...

Virginia Pope says...
Posted Monday, November 3, 2014
This is really exciting news is we no longer HAVE to issue through ICBC and can have branded cards in China. Can't wait to talk to my issuer (AMEX)

Sign In
Sign In securely
Featured Items
Event Calendar

11/7/2017
NAPCP Commercial Card Regional Forum - Philadelphia, PA

11/15/2017
1099 Reporting and P-Cards: What It Is, When It Changed and How It Is Being Interpreted

11/16/2017
MUFG Virtual Demo: ePayable Payments Without the Reconciliation–Keeping the Buyer in Control

12/6/2017
Capital One Demo: Maximize Accounts Payable Efficiency While Also Turning It into a Revenue Stream

1/18/2018
NAPCP Commercial Card Regional Forum - Denver, CO

Copyright © 1999 - 2017 NAPCP - Advancing Commercial Card & Payment Practices Worldwide
Certified Purchasing Card Professional Credential 
The next application due date is Feb. 28, 2018 to take the 
exam at the Annual Conference on April 9 in San Diego.

Complimentary resource for all website visitors.
Report free to NAPCP members. Executive Summary free to members and complimentary subscribers.