1. Visa Blocked Payment Gateway in China Caused Receivables Problem of Foreign
Trade Electricity Supplier
Visa has been blocked from starting any new business
in China for almost one year, after a disagreement with
China Union pay, the country’s state-backed bank card
monopoly, according to people familiar with the matter.
The problems facing Visa and other global payment
companies prompted the United States Trade
Representative to file a case with the World Trade
Organization against China on Wednesday.
While Union pay has continued to gradually expand its co-operation with companies
like MasterCard and American Express, it has refused to consider any new business
lines with Visa since the payments group asked it to observe the terms of their
agreement, according to people in the Chinese bank card industry.
"Without visa domestic channel, the foreign trade electricity providers need to find an
effective solution to deal with the crisis." Marketing Manager Mr. Liu from GlobeBill
(www.globebill.com) says. In China, the vast majority of foreign trade power
providers are using the international credit card receivables visa domestic channel. In
foreign countries, electricity are the most important multiple markets, such as the
United States, the online shopping has already became a trend. A combination of both,
coupled with the domestic visa channel is disabled; foreign trade electricity supplier
which provides consumers with credit card Payment will suffer a great loss.
This time visa domestic channel will not open in a week or two but eventually it will
recover. After recovery, foreign trade, electricity providers will once again have free
choices of third-party payment companies to provide the visa domestic channel
service. Confronted with such situation, it’s a really wise move to open up new local
payment market in some brick countries. Some emerging markets like Russia and
Brazil are ideal targets for frustrated payment providers as foreign trade electricity is
an important means to avoid the potential risks of the single market. At this time,
payment gateway for small languages countries will win the market an important
prerequisite.