US Prevails In WTO Over China Electronic Payments

Law360, New York (July 16, 2012, 2:21 PM EDT) -- China's banking regulations discriminate against foreign providers of electronic payment services and favor a state-owned company, the World Trade Organization ruled Monday, a decision U.S. officials called a "decisive victory" for American companies like Visa Inc. and Mastercard Inc.

The WTO panel found China violated WTO rules by granting a monopoly to state-owned China UnionPay for the processing of certain types of credit and debit card transactions involving Chinese currency, shutting out the major U.S. companies that are leaders in the electronic payment industry.

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