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Report: China market remains closed to Visa, Mastercard

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Report: China market remains closed to Visa, Mastercard

The People's Bank of China has not formally acknowledged the applications of Visa Inc. and Mastercard Inc. to process Chinese yuan payments, Financial Times reported, citing two people familiar with the application process.

The two payment processors submitted their applications to the Chinese central bank more than a year ago, according to the report. The central bank needs to decide all submitted applications within 90 days of acknowledgement.

In contrast, American Express Co. in November 2018 secured preliminary approval from the Chinese central bank to establish a renminbi bank-card clearing company, a 50-50 joint venture with a Chinese partner, in the country, FT wrote.