[…] Mastercard has gotten approval to run a yuan-denominated bank card clearing service in China through a joint venture (JV), the central bank said, giving the U.S.-based company a shot at a slice of the fees generated by the trillions of dollars in card transactions made in the country each year.“Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers,” Ling Hai, chairman of the board of Mastercard NUCC and co-president of international markets at Mastercard, said in the release.Mastercard has already built a cross-border portfolio in China, with tens of millions of bank cards and millions of acceptance points across the country, according to the release. The infrastructure has facilitated connectivity to the global economy and has driven cross-border and inbound commerce in China.Pymnts Link […]