Visa has been blocked from starting any new business in China for almost one year after a disagreement with China Unionpay, the country’s state-backed bank card monopoly, according to people familiar with the matter.
The problems facing Visa and other global payments companies prompted the United States Trade Representative to file a case with the World Trade Organisation against China on Wednesday.
Visa first warned Unionpay almost a year ago to stop processing international transactions for co-branded cards through Unionpay’s own payment system rather than Visa’s, a demand Visa makes of all its partners around the world.
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