11:57 - 21.11.2023

---

November 21, Fineko/abc.az. The People's Bank of China and the State Administration for Financial Supervision of the People's Republic of China approved the application of Mastercard NUCC Information Technology Co. to conduct clearing operations on bank cards in the country.

ABC.AZ reports that a company that was created by American Mastercard Inc. and China’s NetsUnion Clearing Corp. (NUCC) may allow its member institutions to issue bank cards in yuans in China under MasterCard brand, Xinhua news agency reports.

Mastercard has become the second foreign clearing system for bank card payments to enter the Chinese market. In 2020, the PBC approved an application for clearing operations from a joint venture established in China by payment system American Express Co.

Experts note that such actions contribute to building a stable structure of the bank clearing market with effective competition and deepening structural reforms of the payment industry.