Chinese Bank card clearing market is opening!
On Oct 29th, Chinese premier Ke-Qiang Li held an executive meeting of the State Council and announced to open up and improve the bank card clearing market, which allows both foreigner and domestic-funded enterprisers to apply for setting bank card clearing organization.
The long waited opening up of bank card clearing market of China has finally came true, which means the uniqueness of China UnionPay as a bank card clearing market has been broke. Actually, according to WTO, China should open its RMB clearing market before Aug 29, 2015, that is to say, allow other card scheme to enter the Chinese market.
The staff of UnionPay said, China UnionPay will equally compete with other bank card clearing organizations. Besides, they will hold an open, cooperation, win-win strategy and keep on deepening the market-oriented transformation to meet the competition and improve their own products and service.
In fact, Visa and MasterCard are not the only organizations whose heart flower angrily open. The PSPs in China could finally embrace the age of open clearing market. Then, which PSP is power enough to settle “the second UnionPay”in China?
Experts say, in terms of comprehensive strength, Alipay is a promising PSP that owns 300 million real-name users and over 160 cooperation banks, and processed 300 billion RMB transactions during six months, which is basically an online card scheme.”
Except Alipay, ICBC (Industrial and commercial Bank of China) which owns the biggest offline business, might become another seeded player.