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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)

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