FT: One of the complaints the U.S. to China in the WTO is related to discrimination Visa

One of the complaints directed at the U.S. China into the World Trade Organization (WTO) concerning discrimination in respect of U.S. operator of credit cards Visa. Conflict with the local monopolist China Unionpay company does not develop in China, reports The Financial Time citing informed sources.

On the eve of the U.S. representative to the WTO, Ron Kirk, said Washington has asked the organization to hold consultations to settle the dispute with Beijing about U.S. exports to China ploskokatanoy electrical steels, as well as on cases of discrimination against U.S. companies that provide services to the electronic payment market. According to the U.S., the People's Bank of China Unionpay granted monopoly rights to conduct most transactions with credit and debit cards of Chinese consumers, it's unfair to deprive foreign companies access to Chinese markets, and violate the obligations of Beijing to open financial services market.

According to the FT, Visa for almost a year can not run any business project in China due to a conflict with Unionpay. He came about a year ago, when Visa demanded that Unionpay stopped processing international transactions Cobranding cards through its own billing system. Visa raises a similar claim when working with partners around the world. The conflict between the partners developed a creeping form until June, when Unionpay, under the auspices of the Chinese Central Bank, in a rigid form has rejected demands by Visa and he became known to the public. Visa and Unionpay does not comment.

As a result Unionpay refused to consider any new lines of business with Visa. At the same time Unionpay continues to gradually expand its cooperation with its rivals MasterCard and American Express, which apparently took less confrontational approach. On the eve of MasterCard announced the signing of a memorandum of understanding with Unionpay, aimed at "a mutually beneficial business cooperation."