Mastercard expands into China: Operations begin
It has been announced that the US-based payment systems company Mastercard has begun processing yuan-denominated debit and credit card transactions in China.
According to a report by Xinhua, the partnership Mastercard established with NetsUnion in China has officially commenced operations.
Following a three-year application process, the company received an operating license from the People's Bank of China and the National Financial Regulatory Administration in November 2023.
The permit granted to Mastercard is viewed as a step toward opening China's payment systems market to foreign competition.
American Express was also granted an operating license in the country in 2020, but the company does not hold a controlling stake in its Chinese partnership.
Bank and card transactions in China are dominated by the state-owned company UnionPay. Online payment systems AliPay and WeChat Pay are also widely used in the country.
News Source: 12punto
Most Read
Galatasaray announces injury updates for Osimhen, Lemina, and Singo
Attention online sellers: Tax monitoring expanded
VAR for the Fenerbahçe-Beşiktaş derby has been announced!
Bridges and highways are being privatized: 15 July and FSM are also on the list
Peugeot September 2026 price list is out
New details emerge in 'panel' operation targeting lawyers
Gökçek era detail in ABB investigation
Özlem Şanver: 'He said he would change, I believed him; should I be beaten just because I didn't leave?'
First statement from Osimhen after injury in Başakşehir match
The Süper Lig's new team becomes the transfer champion