Latest News:  

English>>Business

UnionPay to widen global issue of single-branded cards (2)

By He Wei (China Daily)

08:28, March 14, 2013

It warned merchants to comply with the rules or face penalties, a demand Visa made of all its partners around the world.

But Xu said he believed both companies have a responsibility and obligation to provide overseas transaction services to co-branded cardholders.

"Neither side has the right to unilaterally restrict cardholders' options for overseas payment channels."

In contrast, UnionPay has maintained a sound relationship with MasterCard.

The dispute led to a WTO intervention last year, when a panel rejected the unfounded "monopoly" claims by Visa on UnionPay for processing all domestic renminbi payment card transactions.

But it concluded that China acted inconsistently with its market access commitment in maintaining the company as a monopoly supplier for the clearing of certain types of renminbi-denominated payment card transactions.

To avoid further direct confrontation, it is hoped the expansion of its global network will get UnionPay off the hook.

In November, UnionPay International Co Ltd was launched in Shanghai to beef up the building of the worldwide network.

Xu said the subsidiary company, run on a membership basis, has attracted more than 70 commercial banks, payment service providers and networks to facilitate Chinese nationals who spend overseas.

"It is a two-step solution. First, we try to serve Chinese travelers by offering our channels. Then, we move to the second stage by issuing local currency-denominated cards to local people," he said.


【1】 【2】

Email|Print|Comments(Editor:HuangBeibei、Liang Jun)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Naval escort taskforce in anti-hijack exercise

  2. Armored regiment in live-ammunition drill

  3. Kim Jong Un visits Defence Detachment

  4. 21 miners killed in colliery accident

  5. How we face 'getting old before getting rich'

  6. Photo story: Brave young mother

  7. Is it cute or scary?

  8. Nature's nirvana

  9. Boeing 787 plan for battery fix approved

  10. China's fiscal policy over past 5 years

Most Popular

Opinions

  1. Efforts needed to nurture ethnic culture, language
  2. Filipina maids or local ayi?
  3. China won't take part in currency wars
  4. Long live the kingdom of bicycles!
  5. Income gap still hot topic
  6. Bigger does not always mean better for megacities
  7. Railway ministry revamp will not impact ratings
  8. Active yet prudent urbanization needed for China
  9. China's dating TV show inspires copycat in Chicago
  10. Int'l influence of Chinese films improving

What’s happening in China

How we face 'getting old before getting rich'

  1. Man who kept sex slave detained
  2. 6,000 dead pigs collected from Shanghai river
  3. Caring for families that lost their only child
  4. Beijing subway overtakes Moscow as busiest
  5. High-end restaurant forced to drop prices