China will open up its market for clearing domestic bank card transactions, the cabinet said on Wednesday, in a move that could benefit companies such as Visa Inc (V.N) and Mastercard (MA.N), in a booming market worth over $1 trillion (0.62 trillion pounds) a year.
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Access for foreign firms to China’s fast-growing electronic payments market is a controversial issue.
China promised to reform and free its electronic payments market after the World Trade Organisation (WTO) said in 2012 that its behaviour discriminated against U.S. firms.
Wednesday’s announcement by the State Council followed a weekly meeting. Foreign firms that meet its criteria could set up their own clearing companies, it added, but gave no further details.
It was not immediately clear if the move would allow foreign firms to process credit and debit card payments made in yuan in China.
Visa, the world’s largest credit and debit card company, welcomed the move.
CHINDIA ALERT: You'll be living in their world, very soon 