China eases monopoly on credit card processing
BEIJING (AP) — China's Cabinet says it will ease restrictions on credit card processing in a move that might help to resolve a lengthy dispute with the United States over access for Visa, Mastercard and other foreign competitors.
A Cabinet announcement said "all qualified domestic and overseas enterprises" will be allowed to apply to set up credit card clearing operations. It gave no details of what qualifications would be required for a foreign competitor to be approved.
Beijing's restrictions have given a near-monopoly on credit card processing to a state-owned entity, UnionPay.
The World Trade Organization ruled two years ago the restrictions treated foreign competitors unfairly. The government said it would review the decision but did little to increase market access.