Shares in global payment networks Visa (V.NYSE) and MasterCard (MA.NYSE) jumped Wednesday following an announcement of new rules from China’s State Council that clear the way for both to gain a foothold in the mainland clearing service market, Bloomberg reported. The rules, which take effect June 1, are the most explicit Beijing has been about potentially opening up the market to US firms, and would end a monopoly enjoyed by state-backed China UnionPay over yuan-denominated bank-card payments. UnionPay cards accounted for US$38 out of every US$100 in global purchase volume last year, according to the Nilson Report, an industry newsletter.
China Economic Review