Foreign firms now have the opportunity to enter the lucrative payment card market in China. The People's Bank of China advise that foreign firms can now apply for a licence as long as certain criteria are met, which include holding 1 billion yuan ($152 million) in registered capital in a local company.
What this means for you
This will be a welcome development for foreign businesses that process card payments between banks and merchants given that China is projected to become the biggest card market in the world by 2020. It was reported that 55 trillion yuan was spent in consumer card transactions last year.