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