Visa Says China May Open Yuan Payment Processing Market
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Visa Inc. said China’s recent decision to let Citigroup Inc. issue credit cards may be the start of a broader market opening that will allow the world’s largest payments processor to expand in the country.
Visa will keep investing in its business of processing foreign-denominated payments in the world’s second-largest economy, Elizabeth Buse, group president responsible for most business outside the Americas, said in an interview with Bloomberg Television today. China UnionPay Data Co. has a monopoly on handling yuan payments.