Payments News


Visa and Mastercard left out in cold as Chinese Central Bank refuses to process application

“After a decade of lobbying to gain local access to the $124 trillion Chinese payments market, Visa and Mastercard have been snubbed by China’s central bank which has refused to acknowledge applications submitted the payments networks which would allow them to process renminbi payments, despite rules in 2017 that removed formal obstacles to foreign participation in the market.”