Visa and Mastercard has finally conquered China after years of wooing the nationalist country to tap Renminbi to their services.

 In an article published by China File in 2014, the two brands of credit cards fought to gain a spot in China's bank card, and with Premier Li Qekiang suggesting the possibility of doing business with them, Visa and Mastercard were delighted and given hope of finally extending their services in China.

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However, the deal was not without a fault when it was revealed that all foreign companies applying for a Renminbi license should follow the regulations under the PBOC. China's bank card acceptance of foreign companies did not come as easily as expected because of the various standards that came with the tie up.

Under the standards of the PBOC, it is said that any foreign company that deals with China's bank cards must go through Union Pay's services and have to pay fees in order to have access to any transactions made on the card. International standard of payment differs from China's local bank card and Union Pay, citing the problem as one. The process of tying up with Union Pay may reportedly risk Visa and Mastercard's way of producing their cards, noting one of the rules, which is to keep a logo of Union Pay in their cards. Analysts said that the process is complicated, not to mention a very expensive revision of new card designs.

James Chen of First Data Corp said, "This will definitely impact the foreign players, but it is not finalized yet. The issues can be resolved. The question is, "how much space is left for Visa and Mastercard?"

RT reported that Gilles Ubaghs of Ovum said, "I don't think the technical standards requirement blocks Visa and Mastercard from entering the market, but it is a delaying tactic that will hold them back a while."

China, however, has been using Visa, Mastercard and American Express with all their international standards of payment, but the minimal market is not enough to be considered as a breakthrough in the country. Chinese cardholders mainly use these credit cards for their international transactions and travel transactions.

Tagsvisa, MasterCard, union pay, china market, china business market