Tag: Yahoo Finance

Visa, Mastercard, AmEx Win Easier Access to China Market

(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market.China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co., according the text of a landmark trade agreement with the U.S. It should be an especially welcome reprieve for Mastercard and its partner NetsUnion Clearing Corp., which set up a venture in March that is still awaiting approval from the People’s Bank of China to begin operations.“China is a vital market for us,” Seth Eisen, a spokesman for Mastercard, said Wednesday in an emailed statement. “We continue to make every effort to secure the requisite license to be able to operate in China domestically. This deal is a step...