PBOC: no curbs on overseas card providers
Print Edition
CHINA will not impose tough licensing restrictions on overseas bank card providers seeking to enter the country’s US$7 trillion card payment market, a senior central bank official said yesterday.
Industry sources said in October that they were concerned the Chinese government would limit the number of licenses issued to foreign card providers and force them to operate through joint ventures with local partners.
However Fan Yifei, a vice governor of the People’s Bank of China, told a conference that there are no plans to bring in such requirements.
“We will actively and cautiously open up China’s card payment market according to laws and regulations, and encourage fair competition,” Fan said.
The State Council said in April that China would allow foreign firms, including Visa Inc and MasterCard Inc, to apply to the PBOC for licences to operate bank card clearing businesses from June 1.
Currently, China UnionPay Co, a state-owned consortium, has a monopoly on all yuan payment cards issued and used in the country, which is projected to become the world’s biggest cards market by 2020.
“As China opens up its market, more institutions will enter the interbank clearing market. UnionPay will compete and collaborate with new joiners,” Ge Huayong, chairman of China UnionPay, said following Fan’s remarks at the same event.
Bank card consumer transactions totaled 42.38 trillion yuan (US$6.66 trillion) last year, central bank data showed, up an annual 33 percent.
The PBOC released draft implementation regulations in July and the detailed measures will be finalized “as soon as possible,” Fan said.
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