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China opens up to Visa and MasterCard

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China is finally preparing to open up its huge payments card market to foreign firms such as Visa and MasterCard.

China saw 55 trillion yuan in consumer card transactions last year and the country is projected to become the biggest card market in the world by 2020.

Visa and MasterCard have been lobbying for a way into the market – in which local scheme China UnionPay has long held an effective monopoly – for years.

For more on this story visit the following link: China opens up to Visa and MasterCard

Source: Finextra

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