MasterCard is still studying rules in China that would affect its business and is hammering out a business plan, yahoo.com reports.
In June 2016 China allowed foreign payment card companies to operate in the country under new rules, potentially giving companies like MasterCard and Visa access to its USD 8.25 trillion card payment market.
Under the rules, Chinas national security and cyber security standards must be met. Applicants must also hold USD 152.2 million in registered capital in a local company.
Bank card consumer transactions accounted for 48% of total social consumption, according to the Peoples Bank of China. The market is dominated by state-run China UnionPay.
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