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Mastercard Gains Approval for Entry into China Market

Mastercard Gains Approval for Entry into China Market

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FintechNews Roundup
··1 min read

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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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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