Visa Barred From New Business In China For 1 Year

Law360, New York (September 17, 2010, 11:56 AM EDT) -- Visa Inc. has reportedly been barred from starting any new business in China for nearly a year as part of a dispute with state-backed electronic payment operator China UnionPay.

The Financial Times reported Friday that CUP blocked Visa from setting up payments businesses inside the world's second-largest economy after Visa warned it to cease processing international transactions for co-branded cards through its own processing system rather than the credit card giant's.

Visa makes similar demands with its other global payment partners, and China is the only...
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