25 Mar '11, 4pm

US-China credit card dispute goes to WTO court

GENEVA) - THE World Trade Organisation (WTO) on Friday referred to its court system a dispute between China and the United States over the way credit card payments are processed in China. The issue now goes before a panel of the WTO's Dispute Settlement Body, a WTO official said. A panel usually takes between 12 and 18 months to report its findings. The United States says China has created a monopoly in its electronic payments market, allowing state-owned China Union Pay to handle most credit and debit card transactions made by Chinese consumers and excluding US players. -- REUTERS

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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