Mastercard gets green light in China

Mastercard has obtained preliminary approval to create and operate bank cards in RMB. Mastercard’s activity in China is gaining access to the $27 trillion payments market (2018) as part of the financial opening of China. The new Mastercard project is a joint venture with NetsUnion Clearing Corporation (NUCC), a Chinese company that operates a payment platform for foreign companies. The preparation must be completed within one year for Mastercard to apply to the People‚Äôs Bank of China for formal approval of the start of operations.

Mastercard in China
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