Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cards

China UnionPay secures card clearing service approval

Friday 21 June 2019 | 10:15 AM CET

China UnionPay has received the green light from People`s Bank of China to conduct bank card clearing businesses.

An approval certificate has been granted to the company, whose application has passed the official review, according to the central bank.

Established in 2002, China UnionPay is the country's sole bank card network operator and the first market player to gain official approval since China announced an approval-based mechanism for market access to bank card clearing in 2015.

China approved the preparation application by a joint venture with American Express for setting up a bank card clearing and settlement institution in November 2018.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement