Finextra: US files WTO case against China over access to card market
Visa and other card firms such as MasterCard argue that they have been cut out of China's fast-growing, $723 billion, payment processing market with state-backed China UnionPay enjoying a monopoly.
This is despite the fact that China agreed to allow full access to 'all payment and money-transmission services, including credit, charge and debit cards' by December 2006 when it joined the World Trade Organisation in 2001.
In a separate move, this June Visa warned its bank members that they would be fined if they used China UnionPay's network to process international transactions for their co-branded cards.
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