Zach's reports that Visa is blocking China's UnionPay transactions:
On Wednesday, the official China Securities Journal reported thatVisa Inc. (V - Analyst Report) has ruled out that from Aug 1, all its global financial institutions should stop making any international transaction through UnionPay system, China's sole bank card processor and a co-brand of Visa itself. Visa has gone to the extent of warning its member institutions with stipulated fines if they go ahead with UnionPay system. The company also attempts to block its transactions outside China using UnionPay system. These transactions include both ATM cash services and other card payments.
Read More at Zach's
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