https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png
  • Home
  • COVID-19
  • News
  • Intelligence
    • Back
    • Analysis
    • Interviews
    • Features
    • White Papers
    • Case Studies
    • Surveys, Reports & Infographics
    • Webinars
    • Podcasts
    • Videos
    • Library
    • Techwire
    • Browse
  • Publications
    • Back
    • Banking Technology Magazine
    • Supplements
    • Daily News at Sibos
    • Subscribe to Magazine
  • Content Hub
    • Back
    • COVID-19: industry impact & response
    • Challenger Banks Guide
    • Food For Thought
    • I’m Just Saying
    • Through a Gen Z Lens
    • Ask The Expert
  • Videos
  • WTF? Podcast
  • Awards
    • Back
    • Banking Technology Awards
    • PayTech Awards
  • Advertise
  • Jobs
  • More
    • Back
    • About us
    • Contact us
    • Advertising / Media Kit
    • Banking Technology Magazine Calendar
    • Reports Calendar
    • FinTech Futures Newsletter
    • Events
  • FinTech
  • BankingTech
  • PayTech
  • RegTech
  • WealthTech
  • LendTech
  • InsurTech
  • US Edition
    • Intl. Edition
Banking Technology
  • NEWSLETTER
  • Home
  • COVID-19
  • News
  • Intelligence
    • Back
    • Analysis
    • Interviews
    • Features
    • White Papers
    • Case Studies
    • Surveys, Reports & Infographics
    • Webinars
    • Podcasts
    • Videos
    • Library
    • Techwire
    • Browse
  • Publications
    • Back
    • Banking Technology Magazine
    • Supplements
    • Daily News at Sibos
    • Subscribe to Magazine
  • Content Hub
    • Back
    • COVID-19: industry impact & response
    • Challenger Banks Guide
    • Food For Thought
    • I’m Just Saying
    • Through a Gen Z Lens
    • Ask The Expert
  • Videos
  • WTF? Podcast
  • Awards
    • Back
    • Banking Technology Awards
    • PayTech Awards
  • Advertise
  • Jobs
  • More
    • Back
    • About us
    • Contact us
    • Advertising / Media Kit
    • Banking Technology Magazine Calendar
    • Reports Calendar
    • FinTech Futures Newsletter
    • Events
  • US Edition
    • Intl. Edition
  • newsletter
  • FinTech
  • BankingTech
  • PayTech
  • RegTech
  • WealthTech
  • LendTech
  • InsurTech

bankingtech.com

bankingtech.com


Visa and MasterCard could get access to $8.4tn Chinese card payment market

  • Written by Antony Peyton
  • 8th June 2016
China fans expectations

China fans expectations

China will let foreign payment card firms operate in the country under rules issued on 7 June, according to Reuters.

The announcement gives Visa and MasterCard the opportunity to tap into a CNY 55 trillion ($8.4 trillion) card payment market.

Both companies have been lobbying for more than ten years for direct access to China’s cards market, which is predicted to become the world’s biggest by 2020.

According to the People’s Bank of China, bank card consumer transactions reached CNY 55 trillion in 2015, accounting for 48% of total social consumption.

The market is dominated by state-run China UnionPay. It recently signed a five-year deal with VocaLink, which will enable UnionPay cardholders to access ATMs in the UK and continental Europe.

Reuters says the rules issued by the central bank and the China Banking Regulatory Commission require applicants to hold CNY 1 billion ($152.2 million) in registered capital in a local company.

“Foreign bank card companies must also meet China’s national security and cyber security standards and be locally based,” says Reuters.

This opening up of China has taken a while.

In 2012, a ruling by the World Trade Organisation (WTO) found China was discriminating against US credit card firms.

Following that ruling, China’s State Council said the country would allow foreign companies to operate bank card clearing businesses.

Now, four years after the WTO ruling, China’s central bank says: “In the future there will be more diverse participants in the domestic bank card market, with many bank card brands competing on a level field.”

Once firms have submitted their applications, the central bank will have 90 days to decide whether to grant an approval. Once approved, companies will have a year to set up operations.

Visa, MasterCard and UnionPay all said they welcomed the new rules, but had nothing else of interest to add.

Tags: Cards, Payments News China

Leave a comment Cancel reply

-or-

Log in with your FinTech Futures account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

Related


  • UK chancellor’s new visa scheme to attract fintech talent post-Brexit
    Sunak wants to prioritise the UK’s £7 billion fintech sector.
  • AI fintech Earnix becomes Israel’s latest unicorn with “pre-IPO” round
    The fintech's $75 million raise marks its first funding round since 2017.
  • Russian challenger Tinkoff launches “one-stop shop” checkout product
    “Some of our services can be activated within a day."
  • Wise New Logo
    TransferWise rebrands as Wise to push platform capabilities
    It's dropping the first part of its name in a bid to underpin its expansion as a platform player.
  • Aviva breaks into cash savings market with help of German fintech Raisin
    Savings accounts via partner banks offer interest rates of up to 0.64% AER.
  • Bank of Queensland splashes $1bn to challenge Big Four with ME Bank purchase
    Australian lender seeks to make up ground on country’s largest lender.
  • Alpha Bank finalises €10.8bn loan portfolio sale
    US fund Davidson Kempner takes on largest portfolio sale of its kind in Greece.
  • Barclays to close Pingit after 10 years’ service
    Long-serving payments app to be shut down by major UK bank.

Related Content

  • Vanquis signs credit building partnership with Loqbox
  • Capital Group hires Marta Zarraga as new CIO
  • Netflix bags Uber’s product head Ebi Atawodi as payments director
  • NBA star Russel Westbrook leads $63m investment in Varo Bank

Dock - virtual roundtables

Dock is free to attend for banks and FIs

Click here to register

Sponsorship opportunities available at Dock

Click here for more info

Magazine

Banking Technology February issue out now

10th February 2021

Banking Technology December/January issue out now

16th December 2020
view all

Webinars

Webinar: How to stop massive mobile banking fraud with app security and risk-based authentication

9th February 2021

Webinar: Deep dive on ServiceNow’s purpose built product for finserv operations

7th January 2021

Banking Tech Awards 2020 hosted online by Tom Ward

30th November 2020
view all

Reports & Surveys

Report: The power of data analytics in fintech solutions

25th February 2021

Omdia Universe 2020-21: Temenos recognised as a leader for digital banking platforms

15th December 2020

Report: Digital KYB – a springboard to customer onboarding success

30th November 2020
view all

Content Hubs

COVID-19: industry impact & response

26th June 2020

The rise of challenger banks around the world

26th June 2020
view all

Podcast

What the Fintech? | S.2 Episode 5 | Rising to the top

25th February 2021

What the Fintech? | S.2 Episode 4 | TMRW never dies: digital banking in the ASEAN

18th February 2021

What the Fintech? | S.2 Episode 3 | Israel’s mobile lending tech scene

5th February 2021
view all

Videos

Video: Top fintech stories this week – 19 February 2021

19th February 2021

Video: Top fintech stories this week – 12 February 2021

14th February 2021

Video: Top fintech stories this week – 05 February 2021

5th February 2021
view all

White Papers

Embedded insurance: a $3tn market opportunity, that could also help close the protection gap

4th January 2021

White paper: The business value of ServiceNow for retail banks

12th December 2020

E-book: Migration to cloud – your guide to delivering an intuitive customer experience

8th December 2020
view all

Techwire

KBRA Releases The Bank Treasury Newsletter, The Bank Treasury Chart Deck, and Bank Talk: The After-Show

24th February 2021

BankShift Launches Nationwide For Consumers To Manage And Transact On All Of Their Financial Accounts In One App

24th February 2021

Atria Wealth Solutions Partners with Riskalyze to Empower Financial Professionals with Holistic View on Client Risk

24th February 2021

New Fifth Third Momentum® Banking Offers Checking with No Monthly Fees and a Simple Digital Account Opening Experience

24th February 2021

GiveSignup Closes Series A Funding Round To Compete With Eventbrite, GoFundMe and Classy

24th February 2021

FINCAD Launches Accounting CVA Services for Japanese Financial Institutions

24th February 2021

Buckle Adds Crash Risk Data from TNEDICCA to Auto Insurance Underwriting for Better, Fair Rates for TNC Drivers

24th February 2021

Successful ETF Entrepreneur Returns, Levels the Playing Field with ASYMmetric ETFs™

24th February 2021
view all

Twitter

FinTech_Futures

You called me "How a company treats you through the recruitment process tells you everything you need to know abou… twitter.com/i/web/status/1…

26th February 2021
FinTech_Futures

ICYMI funding round-up: @zolve_officia, Symple Loans, Butn, @FundGuard & more fintechfutures.com/2021/02/icymi-…

26th February 2021
FinTech_Futures

.@atom_bank plans £40m shareholder fundraise in prep for future IPO fintechfutures.com/2021/02/atom-b…

26th February 2021
FinTech_Futures

The power of #data #analytics in #fintech solutions "The data revolution is already here" Read the report- fintechfutures.com/2021/02/report…

26th February 2021
FinTech_Futures

Former international footballer Rio Ferdinand [@rioferdy5] invests in Sokin [@SokinGlobal] fintechfutures.com/2021/02/former…

26th February 2021
FinTech_Futures

.@TheFCA makes handful of executive appointments to boost data strategy fintechfutures.com/2021/02/fca-bo…

26th February 2021
FinTech_Futures

Kalifa's UK fintech report warns "others are waiting for our crown to slip" #RonKalifa #fintech fintechfutures.com/2021/02/kalifa…

26th February 2021
FinTech_Futures

US credit builder @Petal closes $125m debt facility fintechfutures.com/2021/02/us-cre…

26th February 2021

Free webinar: How to stop massive mobile banking fraud

08 March 2021

US Challenger banks: who's who & what's their tech

Free to read

Banking Technology Magazine February 2021

Free digital edition

Banking Tech Awards 2020 Winners Supplement

Free digital edition

Fintech Futures
  • About us
  • Advertise with us
  • Contact us
  • Fintech jobs
  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookies Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X