Mastercard Gets Go-Ahead to Get Into China’s Trillion-Dollar Bank Card Clearing Business

What’s new: Mastercard has gotten approval to run a yuan-denominated bank card clearing service in China through a joint venture (JV), the central bank said, giving the U.S.-based company a shot at a slice of the fees generated by the trillions of dollars in card transactions made in the country each year.

The People’s Bank of China (PBOC) granted the clearing license to Mastercard NUCC Information Technology (Beijing) Co. Ltd., a JV between Mastercard and NetsUnion Clearing Corp. (NUCC), according to a PBOC statement on Sunday.