China will allow foreign companies to clear electronic payments in its domestic market, its cabinet said on Thursday, opening the door for Visa and MasterCard to compete with the dominant state-owned champion.
The World Trade Organisation ruled in 2012 that China unfairly discriminated against foreign electronic payment processors who wanted to process renminbi transactions, handing a victory to the US, which brought the complaint.
Central bank rules require all payment cards – including debit and credit cards – to clear renminbi transactions through China UnionPay, a clearing network owned by 85 mostly state-owned banks. But in a statement, the State Council signalled a cautious shift.
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