MasterCard Blocked From Renminbi Processing In China

By  |  June 3, 2013
 | 

On Sunday, The Financial Times reported that the Chinese government has moved to prevent MasterCard from processing transactions in renminbi, the nation’s official currency.

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    The media outlet says that the Chinese central bank told online payment platform EPayLinks to cease issuing renminbi-settled credit cards, a byproduct of its partnership with MasterCard, in April.

    “No payment institution is allowed to co-operate with foreign card companies in developing cross-border payment businesses involving renminbi bank accounts or renminbi payment accounts,” the country’s central bank determined, according to the source.

    The move casts doubt on China’s willingness to make good on a World Trade Organization promise to allow non-Chinese companies to compete more fairly in its payments industry.

    Read the full report here. 


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