摘要
China will open its bank card clearing market,ending the 13-year monopoly of state eiant UnionPay By Zhou XiaoyanAfter years of knocking,the door to the Chinese market finally opened for the world’s two largest card suppliers Visa and MasterCard.Starting from June 1,qualified foreign and domestic clearing firms can apply for a license in the bank card clearing market,which has been monopolized by state-owned China UnionPay(UnionPay)for over a decade,according to an announcement from the State Council on April 22.Stock prices of MasterCard and Visa rose following the news.Back in 1988,international payment organization MasterCard set up an office in Beijing and five years later,Visa followed suit,both drooling over the promising bank card clearing market in the world’s most
After years of knocking, the door to the Chinese market finally opened for the world＇s two largest card suppliers Visa and MasterCard. Starting from June 1, quali- fied foreign and domestic clearing firms can apply for a license in the bank card clearing market, which has been monopolized by state-owned China UnionPay （UnionPay） for over a decade, according to an announce- ment from the State Council on April 22. Stock prices of MasterCard and Visa rose fol- lowing the news.
