Charging ahead in China

April 22, 2015 5:25 PM

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MasterCard MA is up 4.5% to $91.71 and Visa V jumped 4.9% to $68.51 Wednesday after China said it would open its domestic bank processing market to foreign providers.

The arrangement, starting June 1, will end state-controlled China UnionPay’s hold on the country, The World Trade Organization said in 2012 that China had discriminated against credit card companies. Visa and MasterCard will now be permitted to tap into a market worth about $6.8 trillion annually....

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