China’s payment card market is one of the few highlights in today’s global payments market. Already the world’s largest card market by the number of cards in circulation, China is quickly closing the gap with the United States in terms of payment transactions and value.
MasterCard and Visa have continued to make slow progress in China after the WTO ruling last year that might provide them an opportunity to really get into the domestic market.
A story in China Daily provides an interesting read on Ling Hai, division president of Greater China for MasterCard Worldwide. The article also provides some details on MasterCard’s recent developments in China:
Cross-border business is a major element of MasterCard’s business in China.
“With the development of tourism and the increasing use of electronic payment by Chinese consumers, we believe more bank cards will be issued and our business will continue to grow,” said Ling.
The company will strengthen cooperation with different banks to tap different cities.
