#Some streetjournal ecny alipay wechat pay license
Having no license means Visa can’t earn money from merchant fees in China, like it does in the U.S., because it isn’t providing a payments service. Visa may still be hoping that Beijing will grant it a license to clear renminbi payments in the country, opening access to China’s roughly $16.5 trillion of annual card payments. Visa, despite applying for a license in 2017, remains an unapproved outlier. In 2020, Beijing granted Mastercard a license to operate a bank card clearing business in China too. complained to the World Trade Organization about China’s exclusionary practices, Beijing granted American Express an operating license. Until 2018, Beijing refused all foreign payment service providers the right to operate in China, handing China’s domestic UnionPay service a monopoly on domestic renminbi transactions. payments provider to operate in China for the Olympics at all.
In some way, Beijing might have actually made a concession to Visa by allowing the U.S. The IOC didn’t respond to a request for comment on whether Visa was consulted before the e-CNY was approved as a payment service at Beijing 2022. However, the official Olympics website lists Visa as having exclusive rights to “prepaid cards” as well as payment services. Visa didn’t respond to a request for comment on this article.Ĭhinese media have reported that using the e-CNY as a payment system at the Beijing Winter Olympics is not a violation of Visa’s exclusive deal, because the e-CNY is just a digital-native version of China’s fiat currency. Visa has remained silent about the digital yuan encroaching on its Olympic turf. Other brands, like Coca-Cola, are known to have paid the IOC $100 million fees for exclusive, multiyear sponsorship rights.
Visa extended its exclusive license with the International Olympic Committee (IOC) in 2018, paying an undisclosed sum to maintain its Olympic privileges through 2032. But Beijing hasn’t released any data on the uptake of e-CNY inside the Olympic bubble yet. There are no fees for using e-CNY in China.Īccording to the Wall Street Journal, citing an unnamed source, e-CNY payments outnumbered Visa payments inside Beijing’s main Bird’s Nest stadium during the opening ceremony of the Beijing 2022 Winter Olympics last Friday. The latter will charge a processing fee on an international payment, as would be the case for a U.S. Although utilizing a card interface blurs the distinction between paying in e-CNY or paying with a Visa credit card, using China’s digital currency at the Olympics is cheaper than paying with Visa.
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