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China delaying opening card market, says Visa

The chief executive of Visa, Charlie Scharf, has claimed that China is delaying the opening of its card market.

In an industry conference sponsored by Keefe, Bruyette and Woods Inc, he explained that the market is not opening to foreign payment processors as quickly as expected, Bloomberg reports.

Mr Scharf noted that it must be seen as a five to 15-year opportunity, before noting it will take a long time for the market to open up and for a level playing field to be created for overseas-based processing firms.

He revealed that Visa, which is the world's largest bank card network, has been in negotiations with Chinese banks, China UnionPay Co and US officials.

According to Bloomberg, Mr Scharf will travel to China next week to understand why the market has not opened up as quickly as expected.

Visa is also working hard in the US to improve payment technology and security with the launch of chip and pin cards.

By Tony Aynsley