The Chinese central bank has ordered that online payment platform EPayLinks is to stop processing renminbi transactions in association with MasterCard, according to a document obtained by the Financial Times.
The bank ruled that "no payment institution is allowed to co-operate with foreign card companies in developing cross-border payment businesses involving renminbi bank accounts or renminbi payment accounts."
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Less than a year ago, the World Trade Organisation (WTO) proclaimed that China discriminated against foreign electronic payment providers, such as MasterCard and Visa, whereas China UnionPay was allowed to monoplise domestic transactions. China is reported to have said it would consider the judgement made by the WTO.
New rules for its domestic card market are predicted to be announced in the coming months.
A representative from MasterCard said they were unable to comment at this time.
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