Central Bank's Move to Push Single-Logo Cards Boosts UnionPay
(Beijing) — The People's Bank of China (PBOC) has stepped into the turf war between China UnionPay, the country's only authorized bank-card payment system, and foreign rivals such as Visa and MasterCard, as the central bank took action that boosts UnionPay's dominance in its market.
The PBOC is discouraging the issuance of dual-logo bank cards, the result of which will be that UnionPay now will clear both domestic and overseas payments made through most Chinese credit cards. The PBOC is also cracking down on attempts by international card companies to indirectly offer yuan clearance.
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