For the longest time, the China payments market was an oligopoly of the privileged three: first the state-owned UnionPay, and then as the country transitioned to mobile payments, Alipay and Tenpay. U.S. card giants like Visa
V
MA
AXP
PYPL
If patience is a virtue, then these firms must have become virtuous over the years. And their patience, has perhaps, paid off: Eager to attract investment in the financial sector and shake up the mobile payments duopoly, Beijing has gradually permitted more foreign investment in its payments sector.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.