Visa divorced China Unipay!

Visa divorced China Unipay!
Jun 3, 2010 23:09
LONELYJOURNEY Points: Join Date: Oct 28, 2009 Status: offline	Once as partners, but now they seem to start a "war" against each other. The FT reports that Visa has required the banks to stop using China Unipay's channel to process international transactions for VIsa and Unipay Dual Credit Card. In the meantime, those who hold Visa and China Unipay dual credit card to pay their bills outside Chinese mainland will have to pay through Visa's channel. And they wlll be charged with 1 to 2 percent handling fee. Why does Visa take this move? The China Unipay has expanded too fast these years, especially beyond China's borders. It's growth has become a threat to Visa. It is said that American Express and Mastercard might follow Visa's step too. Well, their move actiuall has caused a suspicion. See, they took this move to block China Unipay outside China just after US Trade Offcials talked with them including Mastercard and American Express. Clearly, the dispute between Visa and China Unipay is just a part of the trade war between US and China.

Jun 3, 2010 23:09

LONELYJOURNEY
Points:
Join Date: Oct 28, 2009
Status: offline

Once as partners, but now they seem to start a "war" against each other.

The FT reports that Visa has required the banks to stop using China Unipay's channel to process international transactions for VIsa and Unipay Dual Credit Card. In the meantime, those who hold Visa and China Unipay dual credit card to pay their bills outside Chinese mainland will have to pay through Visa's channel. And they wlll be charged with 1 to 2 percent handling fee.

Why does Visa take this move? The China Unipay has expanded too fast these years, especially beyond China's borders. It's growth has become a threat to Visa. It is said that American Express and Mastercard might follow Visa's step too.

Well, their move actiuall has caused a suspicion. See, they took this move to block China Unipay outside China just after US Trade Offcials talked with them including Mastercard and American Express.

Clearly, the dispute between Visa and China Unipay is just a part of the trade war between US and China.

Jun 3, 2010 23:12

LONELYJOURNEY
Points:
Join Date: Oct 28, 2009
Status: Offline

Currently, there are about 50 million people who hold Visa and China Unipay credit cards in China. If Visa conducts this policy, they will be greatly affected.

By the way, Visa has warned the banks to abide by the rule. Otherwise, they will be charged penalties. If the banks breaks the rule for the first time, they will be charged 50000 US dollars. If they do it again, they will be charged 25000 US dollars every month.

Jun 4, 2010 04:47	#2
JIMMYB Points: Join Date: Feb 7, 2007 Status: Offline	Last night, I told this to my friend. He just reacted "None of my business. I even don't know what Visa means. And I am not going abroad."

Jun 18, 2010 04:57	#3
BAKUI Points: Join Date: Jun 10, 2010 Status: Offline	Give up eating for fear of choking, isn't there other ways to solve the problem? It will cause a lot of inconvenience.

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