MasterCard Plots Course on Changes to China's Payment Infrastructure

(Beijing) – MasterCard chief Chang Qing said the company is expecting to see a lift in demand for bank card services on recent government initiatives which will require upgrades to the country's infrastructure.

The State Council, China's cabinet, published requirements on April 22 for companies to handle the bank card clearing business in China, opening the monopolized sector to competition from both Chinese and foreign companies. Currently, only the state-controlled China UnionPay, the sole bank card association of its kind in China, is allowed to provide clearing service for yuan-denominated bank card payments.