China to End Back-Card Clearing Monopoly U.S. Opposed
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China’s government indicated that it’s set to end China UnionPay Co.’s monopoly on bank-card clearing, paving the way for competitors such as MasterCard Inc. and Visa Inc. to get a foothold in the nation.
Overseas and Chinese companies can apply to set up such services, the central government’s microblog reported yesterday, citing a State Council meeting headed by Premier Li Keqiang. The statement didn’t give a timeframe or provide additional details.