MasterCard And Visa Might Have Trouble Competing In The Chinese Card Clearing Market

The opening of the Chinese card clearing market follows a complaint the U.S. filed with the World Trade Organization in 2012. The U.S. argued that, per WTO rules, member countries of the organization should treat foreign credit and debit card issuers on par with domestic issuers. Now, foreign firms can apply to the Chinese central bank for a license to operate in the card clearing business, though the commencement of operations is likely some time away.