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UnionPay’s Monopoly in China will End soon, Paving way for Foreign Competition

China’s central government is poised to open the market for domestic card transactions to foreign banks. This would affect the card and payment monopoly that UnionPay has maintained since many years. It would also bring opportunities for card companies that were earlier shrugged by the Chinese regulators. The State Council cited that foreign companies, which would meet set cri ...

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