MasterCard Network is a joint venture between MasterCard and NetWorld Network Clearing Co., Ltd. in China. After obtaining the administrative license, MasterCard Network may authorize its member institutions to issue and accept MasterCard brand RMB bank cards in China.
In recent years, China has steadily opened the bank card clearing market, and foreign bank card clearing institutions can provide RMB bank card related services by setting up commercial entities in China. The reporter of New Express noticed that Wanwu Network is the third institution in China to obtain the license for bank card clearing business and the second joint venture institution to obtain the license.
20 19 The first bank card clearing business license went to China UnionPay; In 2020, Interconnection (Hangzhou) Technology Service Co., Ltd., a joint venture between American Express and Lianlian Digital, obtained the second license.
Wang Pengbo, a senior analyst of Broadcom Consulting's financial industry, pointed out that the approval of the license of Everything Network is conducive to expanding the openness of the financial industry, promoting the high-level development of the payment and clearing industry in the process of continuously introducing competitors, and providing better differentiated services for all parties in the industrial chain and consumers.
Wang Pengbo predicted that Wanwu.com will not affect the domestic bank card market structure in the short term, and Wanwu.com may cut into the market from business cross-border payment. Bai Wenxi, chief economist of IPG China, pointed out that with the entry of the Internet of Everything, the market competition will become more intense, and differentiated services will become the focus in the future. In the future, the market will accelerate the digital transformation and realize more efficient and convenient online clearing services.
In 20 15, the State Council issued the Decision on Implementing Access Management of Bank Card Clearing Institutions, and China's bank card clearing market entered a new stage of full opening. In 2020, Interconnection (Hangzhou) Technology Service Co., Ltd., a joint venture between American Express and Lianlian Digital Technology Co., Ltd., officially started commercial operation in China, becoming the first Sino-foreign joint venture bank card clearing institution in China.
The People's Bank of China stated that it will promote the market access of bank card clearing in an orderly manner according to law, make overall plans for development and safety, and constantly improve the supervision mechanism of bank card clearing institutions.