 29-Mar-18, Independent.ie 

China will permit foreign companies to access its USD27 tn payments market, further opening up the world's second-largest economy. Foreign players can start applying for payment licences and will be treated the same as local firms, the People's Bank of China has said.

Image: AP

Applicants must set up local units, establish payment infrastructure - including disaster recovery systems - and store client information domestically.

Any entrants to the Chinese market - apart from meeting stiff local regulations - will also have to compete with the more than 260 firms with payment licences including Ant Financial Services Group's Alipay and Tencent Holdings's WeChat Pay.

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 Financial Services insights