UnionPay is at risk of losing ground to foreign firms. Photo: Reuters UnionPay is at risk of losing ground to foreign firms. Photo: Reuters
UnionPay is at risk of losing ground to foreign firms. Photo: Reuters

UnionPay's monopoly under threat as China's card market set to open

State Council says foreign firms can establish clearing companies but details still unclear

UnionPay is at risk of losing ground to foreign firms. Photo: Reuters UnionPay is at risk of losing ground to foreign firms. Photo: Reuters
UnionPay is at risk of losing ground to foreign firms. Photo: Reuters
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