Dual-network payment cards ‘banned by PBC’

Source:Global Times Published: 2016/11/20 23:38:40

Dual-network Chinese payment cards, which can operate through domestic bankcard associations such as China UnionPay and foreign networks such as Visa and MasterCard, will be banned by the People's Bank of China (PBC), the central bank, according to posts on Chinese social media platforms over the weekend.

An employee at China UnionPay told the Global Times on Sunday that he had not been notified about any such policy, and the company didn't take part in a rumored meeting last week.

The decision was announced during a meeting organized by the central bank last week, a post on Weibo said, with participants from major commercial banks and bankcard associations.

According to the new rule, transactions conducted by foreign bankcard associations that have not acquired domestic bankcard clearing licenses should be denominated in foreign currencies, and any of their transactions that were conducted within the Chinese border will be considered illegal, the post noted.

Chinese commercial banks were also ordered not to issue dual-network payment cards any longer.



 



Posted in: INDUSTRIES

blog comments powered by Disqus