Mastercard Gains Approval for Entry into China Market

Mastercard has gained approval from the People’s Bank of China (PBoC) to enter the Chinese market as a bank card clearing institution; the company has set up a joint venture with NetsUnion Clearing Corp; “We are delighted and encouraged by this latest decision from the PBOC,” said Mastercard President and CEO Ajay Banga, in a statement according to TechCrunch. “China is a vital market for us and we have reiterated our unwavering commitment to helping drive a safer, more inclusive and seamless payments ecosystem for Chinese consumers and businesses.; Mastercard is the latest in a line of payments firms entering the Chinese market after the U.S. and China struck a trade deal; American Express and PayPal have also been approved for operations in China; all the firms have a steep hill to climb in China with incumbent players and the growth in mobile payments which is expected to reach more than $96tn by 2023. Tech Crunch

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