🎉China🇨🇳: Mastercard NetsUnion = Mastercard + NUCC (Chinese partner)

🎉China🇨🇳: Mastercard NetsUnion = Mastercard + NUCC (Chinese partner)

The joint venture processes cards that can be used for payments both domestically and internationally.

➡️ Preamble: In February 2020, the People's Bank of China (PBOC) granted Mastercard NetsUnion permission to begin official preparations to establish a national clearing and issuance institution. The founders then had to adapt the company to local standards regulations and obtain the necessary certifications. In November 2023, Mastercard NetsUnion finally received final approval from the PBOC and the National Financial Regulatory Administration (NAFR).

➡️ Postamble: The long-awaited payment processing began on May 8. As a result of the integration of Mastercard international cards with Chinese digital wallets, china visitors can now pay for their expenses via QR codes. Additionally, Mastercard NetsUnion has issued nearly 100 million cards to Chinese consumers for use abroad.

➡️ American Express also received a similar permit in 2020. However, Visa did not. Nonetheless, the most serious competitor for the Americans is Union Pay, which is local.

➡️ Keep in mind that China's potential market comprises 1.4 billion people. As per a November report from the financial firm Robert W. Baird, the debit and credit segment is estimated to be valued at around $17 trillion USD annually...

#news #China

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