With this approval, Mastercard gained the right to operate its own branded Renminbi debit card transactions in China. It became the third company to provide services in this field in China, after Mastercard, UnionPay and American Express.
According to the statement made by the People's Bank of China (PBOC), Mastercard's application for bank clearing transactions has been approved. The joint venture established by Mastercard and NetsUnion Clearing Corporation in China may authorize its member institutions to issue 'Mastercard' branded yuan debit cards in China, the PBOC said.
With this approval, Mastercard gained the right to operate its own branded Renminbi debit card transactions in China. It became the third company to provide services in this field in China, after Mastercard, UnionPay and American Express.
PBOC said it will promote efforts to ensure orderly access to the debit card exchange market while improving the regulatory system to balance development and security. Experts also stated that this move helps create a stable debit card exchange market structure with effective competition and deepen the supply-side structural reform in the payment industry.