Visa and MasterCard are willing to seize the opportunity to tap into USD 8.4 trillion (CNY 55 trillion) card payment market, bankingtech.com reports. According to the People’s Bank of China, bank card consumer transactions accounted for 48% of total social consumption in 2015.
The rules issued by the central bank and the China Banking Regulatory Commission require applicants to hold USD 152.2 million (CNY 1 billion) in registered capital in a local company. Once companies have submitted their applications, the central bank will have 90 days to decide whether to grant an approval. Once approved, companies will have a year to set up operations.
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