US wins dispute with China over payment services - WAOW - Newsline 9, Wausau News, Weather, Sports

US wins dispute with China over payment services



The United States has won a trade dispute with China over that country's treatment of foreign companies that process credit card payments and other electronic transactions.

U.S. officials say the ruling by the Geneva-based World Trade Organization could allow American companies to enter China's $1 trillion electronic payments market. The WTO adjudicates trade disputes among its members.

Under WTO rules, China can appeal the decision. And even if it doesn't, China can take months to respond to the ruling.

The United States had argued that China's government provides a domestic company, China Union Pay, with a monopoly over the processing of electronic payments. That discriminated against foreign companies and violated WTO rules.

The industry estimates that the ability to process China's electronic payment transactions could create 6,000 U.S. jobs.


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