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Foreign bank card firms fear tough China regulatory regime

Overseas companies may have to partner with local ones, say sources; such a move may breach 2012 WTO ruling

Currently, China requires all foreign card companies to use UnionPay's network when accepting yuan payments, effectively giving it a cut of every credit or debit card transaction.


CHINA is considering imposing tough new conditions on overseas bank card providers such as Visa Inc and MasterCard Inc, in a potential setback to their plans to enter the country's US$7 trillion card payments market, according to people familiar with discussions.