UnionPay seeks to turn tables on market leaders Visa and MasterCard

China UnionPay is set to break the dominance of Visa and MasterCard in the global card issue and payment-processing sector after learning a lesson from the two market leaders.

In a rare interview with overseas media, Xu Luode, the president and chief executive of the mainland's bank card association, told the South China Morning Post that UnionPay would strive to improve its global market share by attracting members to its international business arm with a profit-sharing scheme.

via Business feed http://www.scmp.com/business/companies/article/1187814/unionpay-seeks-turn-tables-market-leaders-visa-and-mastercard