China Allows Foreigners to Enter $27 Trillion Payments Market

22. March 2018.

China will permit foreign companies to access its $27 trillion payments market, further opening up the world’s second-largest economy.

Foreign players can start applying for payment licenses and will be treated the same as local firms, the People’s Bank of China said in a statement on Wednesday. Applicants must set up local units, establish payment infrastructure — including disaster recovery systems — and store client information domestically, the central bank said.

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