It looks like China is on its way to taking over financial services as well as manufacturing
China UnionPay is the larget credit card company in the world and has issued 1 billion more cards than Mastercard and Visa combined and has 56 percent of the global market in credit cards.
It's the same old story, the chinese can operate in our markets but we can't operate in theirs
Put Chinese And American Payment Companies On An Even Playing Field
China UnionPay has a monopoly on credit cards in mainland China:
China has banned citizens living on the mainland from obtaining U.S. credit cards such as Visa, MasterCard and American Express. Foreigners trying to use those cards in China can also find it tough.
China UnionPay cards can be used in more than 168 countries and regions around the world. More stores in the U.S. accept the Chinese card than American Express, and 2 million ATMs across the US will issue cash to China cardholders.
In 2012, the WTO told China to open its market to U.S. credit card companies. Beijing did nothing of the sort, and in response, for the past six years the WTO has done … nothing.