Connect with us

Business

Everywhere They Want to be, and Now China, Too

Published

on

This April 22, 2005 file photo shows logos for MasterCard and Visa credit cards at the entrance of a New York coffee shop. Fair Isaac, the company behind the widely-used FICO credit score, on Thursday, April 2, 2015 announced a pilot program to help millions of Americans get easier access to credit, based on their record of paying utility bills, instead of their history of loan repayments. (AP Photo/Mark Lennihan, File)

This April 22, 2005 file photo shows logos for MasterCard and Visa credit cards at the entrance of a New York coffee shop. (AP Photo/Mark Lennihan, File)

KEN SWEET, AP Business Writer

NEW YORK (AP) — The Chinese are spending trillions of dollars on their credit and debit cards, and U.S. companies are finally getting a slice of that giant pie.

China announced Wednesday that foreign companies like Visa, MasterCard and American Express can bring their payment processing networks into that country, starting June 1.

The news sent shares of Visa and MasterCard soaring.

The Chinese payment industry is massive, and up until this announcement, was closed off to foreign-owned companies.

While foreigners or locals in the world’s second-largest economy could use their Visa or MasterCard, the companies were charged a fee by a government-approved company called UnionPay to process transactions. Chinese Visas or MasterCards had to be co-branded with UnionPay.

Customers in China spent $5.2 trillion on UnionPay’s network in 2013, according to China’s Central Bank, up 48 percent from the year before. By comparison, Visa handled $6.9 trillion in transactions on its global network in the same year.

“China obviously represents a massive opportunity for the networks … and one that the networks have been attempting to access for years,” Keefe, Bruyette & Woods analyst Sanjay Sakhrani said.

Visa, MasterCard and American Express now will be allowed to set up their own networks in China through a subsidiary, China’s State Council said. The move is an effort to “promote healthy competition in the country’s bankcard clearing market,” the regulator said.

China’s payment industry has been a sore spot between the U.S. and that country for some time. The World Trade Organization ruled in 2012 that UnionPay was effectively a government-sanctioned monopoly.

Payment processors make most of their money by charging a small fee on every transaction in their networks. Access to China’s growing market could generate a significant amount of new revenue for Visa, MasterCard and American Express, once they establish a presence there.

“We are hopeful these new regulations will permit additional participants in the Chinese domestic market,” said Visa spokesman Paul Cohen.

MasterCard said China’s announcement was a “step in the right direction.”

Visa’s stock jumped $2.86, or 4 percent, to $68.21 in afternoon trading and MasterCard rose $3.73, also 4 percent, to $91.50.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Activism

Oakland Post: Week of July 1 – 7, 2026

The printed Weekly Edition of the Oakland Post: Week of July 1 – 7, 2026

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Arts and Culture

Prescott Circus Theatre Presents Free Summer Performance Series

Now in its 41st year, the Prescott Circus Theatre is a nationally recognized performing arts education program for Oakland youth. The circus offers safe environments that challenge Oakland youth, through circus arts training, to develop the skills and confidence to thrive on stage, in school, and in life.

Published

on

Prescott Circus showcase pathways pyramid. Photo courtesy of Prescott Circus.
Prescott Circus showcase pathways pyramid. Photo courtesy of Prescott Circus.

By Post Staff

The Prescott Circus, Oakland’s longest-running youth circus, is returning this summer with its free shows. Join the Prescott Circus’s young stars as they share their joys and talents through stilt-dancing, tumbling, juggling, and more.

At the heart of this one-hour show, which demonstrates teamwork, pride, and joy, are Oakland Unified School District students ages 8 – 17 from more than 10 different schools

Now in its 41st year, the Prescott Circus Theatre is a nationally recognized performing arts education program for Oakland youth. The circus offers safe environments that challenge Oakland youth, through circus arts training, to develop the skills and confidence to thrive on stage, in school, and in life.

This is accomplished through no-cost school and community programs for more than 300 Oakland youth each year. Performing company members from Prescott, where the program began, perform and make appearances at as many as 40 Bay Area events each year.

The summer program is funded in part by Oakland Fund for Children and Youth, California Arts Council, Port of Oakland, and the West Davis & Bergard Foundation.

Performances will be held Tuesday, July 14, 11 a.m. and 1:30 p.m. (ASL interpreted) and Wednesday, July 15, 11 a.m., at the Malonga Casquelourd Center for the Arts, 1428 Alice St., Oakland. For free reservations go to

https://PrescottCircusSummerShows.eventbrite.com

For group reservations for camps, childcare centers, senior centers, go to www.prescottcircus.org

A community show will be held Saturday, July 18, 2 p.m. to 3 p.m., at DeFremery Park,1651 Adeline St., Oakland.

Continue Reading

Activism

NPRC Joins National Grand Jury Proceedings Seeking Accountability, Constitutional Restoration

Organizers state that testimony will explore historical and political developments that they believe have contributed to the expansion of corporate influence over public institutions and governmental decision-making. Participants are expected to discuss concerns regarding constitutional governance, individual liberties, property rights, and the protection of vulnerable populations, including seniors and persons with disabilities.

Published

on

Photo by Billie Powers.
Photo by Billie Powers.

Special to The Post

The National Probate Reform Coalition (NPRC) has joined Toll and Roll and a growing coalition of advocacy organizations, victims, whistleblowers, and citizen groups in support of a nationally broadcast People’s Grand Jury proceeding scheduled for July 1 and July 7.

Organizers describe the event as a public forum designed to examine allegations of government abuse, judicial misconduct, legislative failures, and the erosion of constitutional protections affecting millions of Americans.

The proceedings will feature testimony from victims, families, advocates, and organizations from across the country who contend they have experienced harm through government actions, institutional neglect, and failures of oversight.

According to organizers, the People’s Grand Jury will focus on concerns involving probate courts, guardianships, conservatorships, child welfare systems, property rights, civil liberties, and what participants view as a growing disconnect between government institutions and the constitutional rights of the people they are sworn to serve.

NPRC is participating because many of the issues being examined mirror the concerns raised by advocates, victims, and families who have participated in its monthly town halls. For years, families have reported cases involving exploitation of elders, questionable guardianships, estate depletion, denial of due process, and a lack of meaningful oversight within probate court systems.

“This proceeding gives victims and advocates an opportunity to place their experiences on the public record,” said Tanya Dennis, lead facilitator of NPRC. “For too long, families have struggled to have their voices heard regarding elder abuse, probate exploitation, and government inaction. This forum allows those stories to be shared before a national audience.”

Organizers state that testimony will explore historical and political developments that they believe have contributed to the expansion of corporate influence over public institutions and governmental decision-making. Participants are expected to discuss concerns regarding constitutional governance, individual liberties, property rights, and the protection of vulnerable populations, including seniors and persons with disabilities.

In keeping with principles of transparency and fairness, invitations have been extended to legislators, members of the judiciary, law enforcement representatives, and other public officials who may wish to respond to concerns raised during the proceedings or defend actions taken by their respective institutions.

One of the primary outcomes sought by organizers is public consideration and support for the People’s Remedy and Restoration Act, a proposed legislative framework that advocates believe would strengthen oversight, increase accountability, provide remedies for victims of governmental abuse, and restore constitutional protections.

The proceedings are expected to be broadcast nationally, providing citizens throughout the United States an opportunity to observe testimony, review evidence presented, and participate in an ongoing conversation regarding government accountability and the protection of individual rights.

Advocates hope the hearings will encourage meaningful dialogue, legislative reform, and renewed public engagement in the democratic process.

Individuals, organizations, public officials, and members of the media interested in attending or obtaining access information may contact the organizers at tollandroll2025@gmail.com.

As Americans continue to debate the future of constitutional governance, judicial accountability, and the protection of vulnerable citizens, the July proceedings are expected to serve as a significant forum for public testimony and civic engagement. For more information, go to https://tollandroll.com

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.