Sep 18, 2014 06:31 PM

After Years of Dominance, UnionPay's Enemies Arrive at the Gates

(Beijing) – China UnionPay, the sole bank card association handling interbank payments in the country, is facing unprecedented challenges from home and abroad, partly because the market has changed dramatically since the firm was established in 2002.

"The era when it can lay back and make money is gone forever," Shi Wenzhao, UnionPay's president, said recently in his first one-on-one interview after taking over a year ago.

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