Mastercard will face tough competition from the likes of China’s UnionPay. Photo: Handout
Mastercard will face tough competition from the likes of China’s UnionPay. Photo: Handout

China’s central bank approves Mastercard joint venture for clearing business

  • Approval comes three weeks after China and the US sign phase one trade deal, but three decades after Mastercard established a presence in China
  • US bank card firms face an uphill battle in China, given dominance of UnionPay and Chinese consumers preference for mobile phone payment apps

Mastercard will face tough competition from the likes of China’s UnionPay. Photo: Handout
Mastercard will face tough competition from the likes of China’s UnionPay. Photo: Handout
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