Jul 27, 2012 07:12 PM

UnionPay Row Takes Swipe at Bank Card Market

By staff reporters Wen Xiu and Zhang Yuzhe, Washington correspondent Zhang Tao, and New York correspondent Ni Weifeng

(Beijing) - Central bank officials regularly defend UnionPay Co. Ltd. against critics including U.S. government officials who use the word "monopoly" to describe China's only domestic bank card services provider.

State-backed UnionPay has no competitors in handling inter- and intra-bank card transactions on the mainland, but central bankers insist the 10-year-old company enjoys "exclusive rights" rather than full market control.

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