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
