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China Opens Up Bank-Card Clearing Market

Monday, June 01, 2015   (0 Comments)

China today opened up its market for clearing bank card transactions, paving the way for foreign companies such as Visa and MasterCard to operate in the country, according to multiple reports.

Chinese officials first announced their plans in late October, then followed up by publishing formal rules in late April, Bloomberg Business reported at the time. Those rules took effect today.

The rules allow foreign companies to apply for licenses to operate bank-card clearing businesses in China. Previously, China Union Pay Co. had been the sole clearing service provider in the country. Chinese Central Television reports that the move will likely end a near-monopoly for Union Pay.

Sources: Bloomberg Business, Chinese Central Television (CCTV)

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