Mastercard is testing the water in the Chinese market again by setting up a clearing house
Dominated by Union Pay and known for not being friendly to overseas credit card companies, China has long been a blocked market for outside clearing systems. Nevertheless, Mastercard has not yet yielded. It was reported to have established a joint venture with NetsUnion, an online clearing service provider which is supervised and partially owned by Central bank-affiliated institutions, and retry an entry into China’s market, in a way which has already had proven success by the rival American Express. With the growing number of users in China embracing global e-commerce purchasing, bucking the trend might become the norm if foreign credit cards can seize the chance of intensifying demand for international payment in China.