{"id":4797,"date":"2020-02-12T20:22:24","date_gmt":"2020-02-12T20:22:24","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4797"},"modified":"2022-02-24T23:57:53","modified_gmt":"2022-02-24T23:57:53","slug":"mastercard-approved-to-set-up-operations-in-china","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/mastercard-approved-to-set-up-operations-in-china\/","title":{"rendered":"Mastercard Approved to Set Up Operations in China"},"content":{"rendered":"\n<p><strong>Mastercard is the latest foreign company to begin breaking into the payments market in China, the company announced this week.<\/strong><\/p>\n\n\n\n<p>According to a&nbsp;<a href=\"https:\/\/newsroom.mastercard.com\/press-releases\/mastercard-and-netsunion-jv-approved-to-prepare-for-domestic-operations-in-china\/\">press release<\/a>, the People\u2019s Bank of China (PBOC) has given Mastercard in-principle approval to create a bankcard clearing institution in China. The application was submitted through a joint venture between Mastercard and NetsUnion Clearing Corporation called Mastercard NUCC Information Technology (Beijing) Co. Ltd.&nbsp;<\/p>\n\n\n\n<p>\u201cWe are delighted and encouraged by this latest decision from the PBOC. China is a vital market for us and we have reiterated our unwavering commitment to helping drive a safer, more inclusive and seamless payments ecosystem for Chinese consumers and businesses.&nbsp;&nbsp;We remain focused on working with the Chinese government and local partners to grow the overall payments infrastructure,\u201d Ajay Banga, president and CEO of Mastercard, said in the release.&nbsp;<\/p>\n\n\n\n<p>According to a&nbsp;<a href=\"https:\/\/www.prnewswire.com\/in\/news-releases\/frost-amp-sullivan-mobile-payments-market-in-china-is-expected-to-witness-three-fold-growth-with-doubling-of-active-mobile-payment-users-by-2023-877474973.html\">report<\/a>&nbsp;from Frost &amp; Sullivan last year, the mobile payments market in China is expected to grow to $96.73 trillion by 2023 \u2013 a three-fold increase from the volume in 2017.&nbsp;<\/p>\n\n\n\n<p>PayPal&nbsp;<a href=\"https:\/\/infinicept.com\/payment-facilitator\/global\/paypal-entering-chinese-market-with-gopay-acquisition\/\">announced<\/a>&nbsp;last fall that it was the first foreign payments company to receive a license to provide online payments in China. It entered the market by acquiring 70% interest in a company that already held a payments license then.<\/p>\n\n\n\n<p>American Express formed its own joint venture in China in 2018, gaining&nbsp;<a href=\"https:\/\/www.cnn.com\/2018\/11\/09\/business\/american-express-china\/index.html\">preliminary approval<\/a>&nbsp;to start setting up its network there. PBOC&nbsp;<a href=\"https:\/\/www.reuters.com\/article\/us-china-economy-americanexpress\/america-express-application-accepted-by-china-central-bank-filing-idUSKBN1Z71RQ\">announced<\/a>&nbsp;in January that it had accepted AmEx\u2019s application to begin operations, bringing the network one step closer to final approval.&nbsp;<\/p>\n\n\n\n<p>Mastercard said that it will be able to apply to PBOC for formal approval to begin operating there within one year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mastercard is the latest foreign company to begin breaking into the payments market in China, the company announced this week.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[46,229,502,545,658],"class_list":["post-4797","post","type-post","status-publish","format-standard","hentry","category-archive","tag-american-express","tag-digital-payments","tag-mastercard","tag-mobile-payments","tag-paypal"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4797"}],"version-history":[{"count":2,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4797\/revisions"}],"predecessor-version":[{"id":8467,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4797\/revisions\/8467"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4797"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}