Archive for the ‘news’ Category
Visa has filed an application with the People’s Bank of China to become the first nondomestic payment network with a bank card clearing license, reports the South China Morning Post. The application comes a little over two years after China’s payments market was first opened to international payment companies. MasterCard has also indicated that it intends to
BI Intelligence This story was delivered to BI Intelligence “Payments Briefing” subscribers. To learn more and subscribe, please click here. US card networks MasterCard, Visa, and American Express are preparing to submit a license request to operate in China, according to Reuters. Although the process, which includes having to clear regulatory banking hurdles and security scrutiny, could take two years or longer,
Global card purchase volume for goods and services, which excludes cash advances on credit cards and cash withdrawals on debit cards, grew by 5.8 per cent to $20.606 trillion in 2016, according to The Nilson Report, the leading card and mobile payment trade publication. UnionPay debit cards were the most popular payment product based on purchase
From the point of view of a consumer in Myanmar, there is little difference between carrying a Visa and a UnionPay card — which is likely why the small Southeast Asian nation is “ground zero” for UnionPay’s attempts at expansion outside of China’s borders. Only 2 percent of the population carries plastic cards at present.
http://www.fdlreporter.com/story/news/2016/10/19/time-rethink-our-thoughts-trade/92413258/ Time to rethink our thoughts on trade? | For USA TODAY NETWORK-Wisconsin This past summer has been one of major changes in thoughts and actions on world trade and the future of major sectors of the economy such as agriculture. It appears many in the west want to withdraw from trade in the international marketplace.
China to become the world’s largest retail market in 2016 September 28, 2016 By CIW Team 1 Comment Total retail sales across the globe will reach $22.049 trillion in 2016 and $27 trillion in 2020 according to eMarketer. Total retail sales in China will reach 4.886 trillion this year, bypassing the U.S. to be the largest retail market
Having been the largest scheme worldwide for card numbers since 2010, UnionPay overtook Visa to also become the largest by value of card payments in 2015 Payment cards worldwide increase by 8% to reach 13 billion in 2015 New research from RBR shows that the number of payment cards in circulation worldwide increased by 8%
CARPINTERIA, Calif.–(BUSINESS WIRE)–Global general purpose cards carrying Visa, UnionPay, MasterCard, JCB, Diners Club/Discover, and American Express brands generated 227.08 billion purchase transactions at merchants in 2015, an increase of 16.1% over 2014, according to The Nilson Report, the top trade newsletter covering the card and mobile payment industries. Purchase transactions included all commercial and consumer credit,
China’s state-owned clearing network UnionPay is partnering with some of the world’s biggest smartphone brands to launch mobile payment services in the country. But allying with Apple AAPL +0.83%, Huawei, Samsung and Xiaomi is doing little to overturn the market dominance of Alibaba and Tencent. Last year UnionPay lost at least $22 billion in transaction fees to Alipay, the
While some Asian country economies may be slowing down, the health of the online retail markets across the continent is booming. According to a recent report from Forrester, as reported on by ZDNet, total eCommerce revenue for China, Japan, South Korea, India and Australia is projected to nearly double in the next five years, from