Citigroup Refuses to Play Monopoly
It’s important in today’s fast-paced market to offer consumers a broad spectrum of opportunities, benefits, and options. When presented with more options and benefits, you’re more likely to attract customers to make their purchases with you rather than your competition. Allied Wallet knows that benefits and options are important and that is why we have strived to offer our merchants every option available to accept payments on the internet.
Opening up your business on a global scale can give you access to markets of people you never thought you could reach. In previous times, it’s been rather difficult to find a payment processor that lets you accept payments from China. China UnionPay has had somewhat of a monopoly in Chinese Yuan credit card issuing. Allied Wallet recognized this and for the past several years we have empowered our merchants with the ability to accept Chinese Yuan by accepting China UnionPay cards.
However, according to Bloomberg’s John Dawson and Sanat Vallikappen, China UnionPay’s reign may be affected by China’s recent decision to let Citigroup Inc. issue credit cards to Chinese citizens. Visa hopes to continue “investing in its business of processing foreign-dominated payments,” says Elizabeth Buse. Buse is a president of Visa Inc. and handles most of Visa’s business outside of North and South America. China is the world’s second largest economy and Citigroup Inc. hopes to be a part of their growing market.
The growth of the Chinese market and the share that Citigroup Inc. will take in credit card issuing will be very interesting to observe. Visa cards have not been issued just yet, but Allied Wallet merchants remain at the forefront of advancement. Our merchants already enjoy the profitability of Allied Wallet’s versatility. Along with Visa, MasterCard, Maestro, American Express, Discover, Diner’s Club, JCB, European Direct Debit, and ACH, Allied Wallet’s merchants already accept China UnionPay and remain one step ahead of their competitors.
How do you feel about Citigroup’s attempt to de-monopolize China’s credit card market? We would love to hear your thoughts.