Visa blocked payment gateway in china caused receivables problem of foreign trade electricity supplier
Visa Blocked Payment Gateway in China Caused Receivables Problem of ForeignTrade 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 companieslike MasterCard and American Express, it has refused to consider any new businesslines with Visa since the payments group asked it to observe the terms of theiragreement, according to people in the Chinese bank card industry."Without visa domestic channel, the foreign trade electricity providers need to find aneffective solution to deal with the crisis." Marketing Manager Mr. Liu from GlobeBill(www.globebill.com) says. In China, the vast majority of foreign trade powerproviders are using the international credit card receivables visa domestic channel. Inforeign countries, electricity are the most important multiple markets, such as theUnited States, the online shopping has already became a trend. A combination of both,coupled with the domestic visa channel is disabled; foreign trade electricity supplierwhich 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 willrecover. After recovery, foreign trade, electricity providers will once again have freechoices of third-party payment companies to provide the visa domestic channelservice. Confronted with such situation, it’s a really wise move to open up new localpayment market in some brick countries. Some emerging markets like Russia andBrazil are ideal targets for frustrated payment providers as foreign trade electricity isan 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 importantprerequisite.