The UnionPay network processes some 55 trillion yuan of transactions a year from for some 5.4 billion cards in circulation. Photo: Reuters

China’s 55 trillion yuan credit card clearing market now open for competition

Central bank’s announcement finally ends UnionPay’s long-held monopoly over the domestic card market

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The UnionPay network processes some 55 trillion yuan of transactions a year from for some 5.4 billion cards in circulation. Photo: Reuters
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