Hong Kong — The prospects for global payment network operators including Visa and MasterCard at last entering the Chinese market remain uncertain, even after the US and China moved towards starting a licensing process for them. As part of a plan to reduce a massive US trade deficit with China, the world’s two largest economies have agreed to expand trade in some sectors and increase access to China for financial firms. Under a framework announced on Friday, China is likely to issue further "necessary guidelines" by July 16 for the launch of local operations by US payment network operators, leading to "full and prompt market access". Foreign operators have been lobbying for more than a decade for direct access to a Chinese market set to become the world’s largest bank card market by 2020. In 2012, the World Trade Organisation (WTO) found China was discriminating against foreign card companies. Industry insiders said the foreign firms were likely only to submit licence applications if...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.