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