US wins case with China over electronic payment services

The decision will require China to overhaul its system so foreign suppliers can gain access, the official said. 

Overall, the win will create 6,000 U.S. jobs, according to industry estimates. 

China's regime was trying to create a "national champion," and the U.S. win in each aspect of the case sends a signal that "we will do what is necessary through investigatory efforts, go after these measures and we will prevail," the official said. 

The WTO panel also found that China is pushing for market dominance of its own firm, China Union Pay (CUP), and that has distorted competition, hurting U.S. providers.  

“This decision will help U.S. companies and increase American jobs as a more efficient credit and debit payment system in China enables consumers to buy more goods, including quality, made-in-America products,” Kirk said. 

Electronic payment services are used for transactions such as credit, debit, prepaid and other payment cards. 

Most of the world’s top providers are headquartered in the United States.  

More than $1 trillion worth of electronic payment card transactions are processed in China each year.  

China’s regulator of the system, the People’s Bank of China, issued a series of measures, dating back to 2001, that discriminate against foreign suppliers at every stage of a payment card transaction.