U.S. payment card companies, including American Express, MasterCard, and Visa, are preparing to submit license requests to operate in China within months.
U.S. card companies - American Express, MasterCard, and Visa - are preparing to submit license requests to operate in China. The move comes against a backdrop of growing economic friction between China and the United States. On Wednesday, the two countries failed to agree on ways to reduce the U.S. trade deficit with China. Savio Chan, CEO of U.S. - China Partners. (SOUNDBITE) SAVIO CHAN, CEO, U.S.-CHINA PARTNERS (ENGLISH) SAYING: "When the U.S. and China negotiate these trade imbalances, there will be a lot of give and take. But, I think that, you know, the companies, Visa, MasterCard, and American Express they know it is a long game. And China is a long-term strategy play. So, it's important to be patient, and also know when to get it. The time to get in is right now." U.S. payment operators have been waiting for more than a decade to get access to China. It is set to become the world's largest bank card market by 2020, when the number of cards in circulation is forecast to rise to 9 billion, according to research firm GlobalData Plc.