The following is an excerpt from rt.com | November 16, 2015 |
The MasterCard global payment system expects double-digit growth in credit card transactions in China provided Beijing opens its domestic transactions to foreign companies. At present, the Chinese market is dominated by the state-backed UnionPay.
"That's going to change with China opening up. We will be able to process domestic transactions just like a domestic national player," Ling Hai, co-president for MasterCard Asia Pacific told Reuters.
"If you truly gain full access and get it right, China is a game-changer. China is the future in terms of the consumer market. It will contribute a great deal in terms of spending and volume," he added.
The payment system’s targeted growth could be reached with the help of the e-commerce boom in China.
According to Ling, MasterCard has processed millions of cross-border transactions for retail giant Alibaba.
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