Mastercard has been given permission to set up domestically in China.
The People’s Bank of China has approved a domestic bankcard clearing institution.
Following legislative changes in 2015 Mastercard has been operating as part of a joint venture with a local Chinese party.
A USChina trade deal has led to the new approval.
What does this mean?
Mastercard has a one-year window to set up, and says it will still work closely with local partners, as well as the government, to develop and expand payment infrastructure.