Mastercard has announced that it has received in-principle approval from the People’s Bank of China (PBOC) to begin formal preparations to set up a domestic bankcard clearing institution.
The application was submitted by Mastercard NUCC Information Technology (Beijing), joint venture of Mastercard and NetsUnion Clearing Corporation (NUCC).
The strategic collaboration between Mastercard and NUCC is founded on mutual synergies and ti aims to drive a simple and smart payments experience in a strategic market like China.
Within one year, the company will be able to apply to the People’s Bank of China for formal approval to begin domestic bankcard clearing activity.
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