WTO Panel Rules China Discriminates US Credit Card Issuers
Created: 2012-07-17 10:00 EST
Category: Business
Embed:
A World Trade Organization panel has ruled that China is discriminating against US credit card companies trying to access the Mainland’s domestic electronic-payment systems market.
The panel called upon China to comply with global trade rules.
US Card issuers hope the decision will lead to new opportunities in China’s payments market.
Currently foreign card issuers partner with Chinese card issuers and can only offer co-branded cards. They must partner with China UnionPay to process domestic transactions.
The Obama administration challenged the rules back in September 2010. It argued that China UnionPay monopolized local currency electronic payment services that are detrimental to US firms.
However, the WTO dismissed US claims, but called for China to remove its restrictions on foreign companies. There are now 60 days to appeal the decision.
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