China Poised To Become Largest Bank Card Market by 2020

By John Heerdink LinkedIn

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Their mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive.  Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce.

Reportedly, Alipay and WeChat Pay, China’s mobile payment giants are now open to payments being made with foreign cards. China which has remained a close market is poised to become the largest bank card market by 2020, has been restraining attempts by foreign payment firms for access. The change comes during a major import fair in Shanghai, where the country’s free trade credentials were showcased. The parent company of WeChat Pay, Tencent and Alibaba-backed Alipay informed about the change on their official website and media service platform respectively.

“This partnership means that we’ll be working towards an environment where Visa cardholders will be able to use their Visa card in China at the millions of places where WeChat Pay is accepted,” stated Visa Inc.

To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V), Coverage Page.

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(Read Original Story: China mobile payment giants Alipay, WeChat open to international cards in Reuters)


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