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Scoop.it!
Chinese giant UnionPay is making its way to North America through the launch of its QuickPass HCE-based contactless mobile payments service in Canada. 
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Scoop.it!
hold 1 billion yuan ($152 million) in registered capital in a local company, be based locally and meet cybersecurity standards.
Vineet Anand's insight:
"Cards Welcome" - that is the message central bank delivered inviting other networks to China, slated to become the largest card market by 2020. There are specific regulations that networks will need to follow - hold $152 million in registered capital in a local company, be based locally and meet cybersecurity standards. Likely set-up a local data centre for domestic transactions! This is end the long outstanding WTO ruling for China to open its market for other international networks to compete with UnionPay.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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