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Visa and Mastercard’s Chinese Entry Delayed by Central Bank: FT

Published 14/01/2019, 09:19 am
Updated 14/01/2019, 03:57 pm
© Bloomberg. Visa Inc. and Mastercard Inc. credit cards are arranged for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, Sept. 18, 2018. Visa and Mastercard agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case.

(Bloomberg) -- The People’s Bank of China declined to acknowledge Visa (NYSE:V) and Mastercard’s applications to process renminbi payments, the Financial Times reports, citing unidentified people familiar with the application process.

  • Applications submitted to central bank more than a year ago, people say
  • Procedure for applications published in 2017 says PBOC must decide on applications within 90 days of acknowledging receipt
  • The PBOC, Visa and Mastercard (NYSE:MA) did not respond to requests for comment

© Bloomberg. Visa Inc. and Mastercard Inc. credit cards are arranged for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, Sept. 18, 2018. Visa and Mastercard agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case.

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