Recent U.S. payment deals in China are a trickle, not a flood:
Flywire, Visa and Mastercard all entered partnerships that anticipate a post-pandemic recovery ...
americanbanker.com/payments/news/recent-u-s-payment-deals-in-china-are-a-trickle-not-a-floodgate
Photo: americanbanker.com · view article
U.S. Payment Partnerships in China Remain LimitedNew partnerships target travel and tuition payments, but political uncertainty and the lack of local processing continue to limit market access.
Key FactsAug 1, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: americanbanker.com
Summary created with AI assistance · Source: americanbanker.com
- Flywire deepened its link with Tencent, while Visa and Mastercard gained broader support from WeChat Pay and Alipay.
- WeChat Pay supports Visa and Mastercard payments up to about $800; Alipay accepts Visa, Mastercard, JCB, Diners Club and Discover.
- Mastercard said inbound travel transaction volume to China exceeded half of 2010's volume in the second quarter of 2023.
- Visa and Mastercard still lack local processing in China; repeated efforts to obtain licenses were rebuffed, according to the article.
China is not opening up in any meaningful way.— Eric Grover, a principal at Intrepid Ventures, said this in the context of U.S.–China tensions and questions about China’s openness; quoted in American Banker.
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Civilian intelligence agency and secret police of the People's Republic of China
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