U.S. Trade Representative requested the WTO to protest the actions of Chinese authorities in respect of one of the largest global payment systems Visa. About this newspaper The Financial Times.
Since 2009, China is blocking all new projects Visa because of its conflict with the local payment system UnionPay. The U.S. side believes that monopoly UnionPay violates the obligation to make Beijing's financial services market more open.
Visa last year UnionPay accused of unfair competition, pointing out that often cross-border payments using Visa cards in China is actually carried through UnionPay. However, the Chinese company refused to cooperate with Visa on this issue.
China UnionPay, founded in 2002, is the only nationwide company in China, servicing credit cards. Company now has all the financial institutions are issuing debit cards.
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