Mastercard's JV starts bank card clearing business in China

BEIJING, May 9 (Xinhua) -- Mastercard's Chinese joint venture announced the official commencement of its bank card clearing operations on Thursday, issuing Mastercard-branded cards with its member institutions for domestic and international use.

Mastercard NetsUnion Information Technology (Beijing) Co., Ltd., a joint venture of Mastercard and NetsUnion Clearing Corporation, received formal approval from the People's Bank of China, China's central bank, in November last year for bank card clearing business in the country.

Mastercard is the second overseas bank card clearing institution to enter the Chinese market, following American Express, which received approval in 2020.