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exclusively - us debit card companies are looking for licences to run in china during the month
However, the long waiting period for US companies is unlikely to end so quickly. According to the source, it can take up to two years or longer for companies to complete all formal audits, even by bank supervisors, and for them to successfully complete a safety audit and meet other requirements.
This move comes against a background of increasing tensions between China and the United States after the two nations did not reach agreement with China on Wednesday on important new moves to cut the US dollar deficits. US PSN providers have been awaiting China for more than a decade. For more than a decade, US PSN providers have been awaiting China's accession.
GlobalData Plc., a research company, says that it will become the world's biggest debit card trading company by 2020, when the number of outstanding credit card transactions will increase from 6 billion in 2016 to 9 billion. For the first time in 2015, China reached an agreement to open the card markets to domestic and international companies, which was prompted by a 2012 decision by the WTO.
Nevertheless, it was not possible for overseas card companies to establish branches locally as there was no clear timetable from the CAs. Beijing and Washington reached agreement in May on a July 16 submission date for China to adopt "necessary guidelines" for US payments system providers to commence business locally, resulting in "full and rapid entry to the market".
Anticipated influx of overseas card companies will question the domination of state-supported China UnionPay Co Ltd., which is currently the only Chinese card processor operating a US$8 trillion US dollar Japanese franc card payments system. "It' s thrilling that the insecurity is at last over and they have come out with the rules, but it won't be a quick and easy trip," said one of the guys who know about some of the US payments companies' schemes.
In addition, companies need to build a large scale community based network structure. One visa spokesperson refused to give an opinion and referred to the calm time before the publication of the company's quarter results. According to the terms defined by the Chinese Federal Reserve, all Chinese payments companies would have to establish a technological and information framework and a backup information system.
It is a matter of anxiety for the overseas PSPs who are concerned that this could lead to monitoring of in-house schemes and make it challenging to preserve the privacy of protected information, according to sector experts who are aware of the issue. A number of sector experts have raised private fears as to whether China would create a competitive environment for overseas companies, which could have a significant effect on the UnionPay position, established in 2002 by the Chinese Federal Reserve and China's leading State Council.
It has also expanded its activities abroad and is represented in over 160 nations, among them the United States, while MasterCard and Visa have been awaiting years of offering card in Japanese Yuan. UnionPay's slice of the world' card debt card arena increased from 13 per cent in 2010 to 25 per cent in 2015, at MasterCard's levels, but lagged more than a third behind Visa's slice of the Visa arena according to Euromonitor International.
Meanwhile, the big card companies' big intentions to get to China also come at a times when China's consumer rely more and more on portable and on-line payment and cash transfer solutions with service providers such as Tencent Holdings' (0700. HK) WeChat Pay and Alibaba Group Holding's (BABA. N) subsidiary Alipay.