China authorizes Mastercard's subsidiary to conduct clearing on bank cards

The organization, which was founded by China's NetsUnion Clearing Corp. (NUCC) and the United States-based Mastercard Inc., may permit its member institutions to issue yuan bank cards bearing the MasterCard brand in China, according to Xinhua news agency.

Mastercard is the second international bank card clearing system to enter the Chinese market. An application for clearing operations from a joint venture established in China by payment system American Express Co. was approved by the National Bank of China in 2020.

Experts note that these kinds of steps help strengthen the structural reforms of the payment industry and create a stable, competitive bank clearing market structure.

source: english.news.cn