China might open its card market — but is it too late?

of Chinese consumers use major mobile wallets Alipay or WeChat Pay as their primary payment method. That's causing banks and card networks like UnionPay — despite its massive reach — to miss out on massive transaction volume going through mobile wallets they don't get a cut of. Further, some analysts

third-party platforms to earn up to 40% of China's transaction fee revenue by 2020, which would exacerbate the threat of consumers' preference for mobile wallets among both existing players and incoming card networks.1. Sign up for the Payments Briefing to get it delivered to your inbox 6x a week. >>pass to Business Insider Intelligence and gain immediate access to the Payments Briefing, plus more than 250 other expertly researched reports.

So they’re allowed to issue credit to our consumers but we can’t issue it to their 1 billion plus consumer base? I might not agree with Trump on everything but he came at the right time on some issues.

Mao-Largo..

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