Mastercard, Visa and American Express (AmEx) are set to gain easier access to China under a trade agreement signed between the US and China.

China will take only up to 90 days to consider applications from the US card giants, reported Bloomberg.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Visa intends to mark its China foray with a long-term focus. The firm also intends to develop digital payments in China through the Beijing Olympics that is scheduled for 2022.

“Visa is working closely with the Chinese government, including the People’s Bank of China, throughout the application process for a bank card clearing institution license,” the firm noted.

The move was also welcomed by Mastercard, which set up a China venture in March in association with NetsUnion Clearing.  The move is pending regulatory nod.

Mastercard spokesman Seth Eisen said: “We continue to make every effort to secure the requisite license to be able to operate in China domestically. This deal is a step forward in that process.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In 2015, China opened the bank-card clearing market to foreign players.

Recently, AmEx obtained the go-ahead from the Chinese central bank to start operations in the country.

“We’re pleased with the progress we’re making to become the first foreign network to receive a clearing and settlement licence to operate in mainland China,” AmEx spokeswoman Leah Gerstner noted.

Moreover, the US pledged not to discriminate against China UnionPay in the agreement.