No Moss

Visa IPO Aftermath: Europe’s in Trouble, China’s Buying in Bulk

UnionPay is used for the vast majority of domestic bank withdrawals and purchases. It's almost free, universal, secure, and dependable. It's virtually useless overseas--a big fee for a cash withdrawal in Hong Kong, for instance. It's also useless for foreigners, since it's only available in China.

Chinese need Visa or MasterCard (or AmEx) cards for use overseas. I believe most credit cards are Visa or MasterCard cards. The people who can get credit are also people who can afford to travel, I imagine.

The two companies will dominate Chinese spending overseas, and foreignrtd spending in China.