Rules for foreign-invested payment firms over Chinese market access have recently been changed by China’s central bank to promote openness and equality in their treatment towards foreign payment firms as compared to local payment firms.
So far, foreign payment services have not – or hardly – been able to make RMB settlement in China. Even though global market leaders’ payment services, like Visa & MasterCard, are functional in Chinese market, but the payment is done through Union Pay settlement channel.
These firms are required to have secure, regulated transaction and recovery systems in China with the capacity of processing payment services individually, according to the People’s Bank of China (PBOC).This article was written by and published on PTL Group. Original Post: http://www.ptl-group.com/blogs/en/easier-market-access-for-foreign-payment-firms-new-opportunities-for-companies