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The MasterCard applies for a license for China Payment
Reuters said MasterCard is currently reviewing an accreditation request for a licensed service in China. It follows the recent ruling of the China authorities to open their money markets to foreign suppliers on conditions that they comply with certain strict IT safety regulations and have more than 1 billion CNY of equity held in a domestic corporation.
It is not said that MasterCard has yet decided whether it wants to win a business in China or alone. China's payment cards industry is expected to be more than 55 trillion CNY (8.25 trillion dollars) and is expected to be the largest in the global by 2020. At present, the China UnionPay state dominates the overall picture.
MasterCard and Visa, the two biggest credit card-providers in the global arena, have been committed to providing more than 20 years of instant credit and debit credit directly to their Chinese credit and debit cartes. Reuters' Ann Cairns, Mastercard's Global CEO, said that China was "quite crucial" to the company's continued success, but emphasised that while cyber security and equity regulations were not an impediment, it had to consider which type of deal making process or partner to take before getting involved.
MasterCard's co-president for the Asia-Pacific region, Ling Hai, did not exclude an end-of-year request, but added that the "uncertainty and volatility of the process" could lead to the granting of a license taking a year or two. By 2013, it was announced that the Chinese regulatory authority had prevented Mastercard from handling all credit cards processed in Chinese cents.
In 2012, China was also reprimanded by the World Trade Organisation for discrimination against Visa and MasterCard on its home markets in favor of locals such as China UnionPay.