Visa has told banks they must stop using the payment system of Chinese state-backed China UnionPay to process international transactions for co-branded Visa and UnionPay credit cards.
The move comes as credit card companies are becoming increasingly frustrated in China, where transactions must be conducted through the monopoly UnionPay, which is aggressively expanding beyond China's borders.
Visa has written to banks to remind them of operating regulations that require financial institutions to process international transactions outside China through Visa's system.
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