ETA Statement on Impact of Phase One Trade Deal on U.S. Payment Companies’ Ability to Operate in China
1-15-2020
WASHINGTON, D.C. –January 15, 2020
The following statement can be attributed to Jodie Kelley, Chief Executive Officer of the Electronic Transactions Association (ETA), on the signing of a “Phase One” trade deal with China. Chapter 4 of the agreement includes a provision that focuses on financial services companies, including payments technology companies. The provision resolves a long-standing issue about access to the Chinese market by American payments companies who apply to operate in China. The language sets forth timelines for China to review and accept an application from a U.S. electronic payments services supplier.
“The Phase One trade deal represents significant positive progress towards the resolution of several issues currently impacting American payments technology companies who want to operate in China. ETA thanks the Trump administration and the government of China for their work on these issues.
We are particularly grateful for the inclusion of provisions that enumerate regulatory approval timelines for American payments technology companies requesting access to do business in China. These timelines create certainty and promote competition and fairness by creating a clear timeline for American companies to provide their products and services to Chinese consumers.
ETA congratulates China and the U.S. on this deal, and we look forward to its implementation.”
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $21 trillion in purchases worldwide and deploying payments innovations to merchants and consumers.
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Press Contact:
Laura Hubbard
202-677-7406
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.