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 ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.