China to surpass US credit card market

China will overtake the US as the largest market for credit cards by 2020 with about 900 million cards in circulation, according to MasterCard, reports Bloomberg.

Competition among payment networks has intensified as domestic transactions through cards surged 84-fold from 2001 to $1.1 trillion last year.

“There is little risk of a credit-card crisis in China because of government policy and bank prudence,” says Ling Hai, MasterCard's regional president. He says foreign banks must co-brand with Chinese operators on credit cards and execute payments through China UnionPay, the country's largest electronic payment network.

Consumers in the Netherlands will be using smartphones as mobile wallets within two years as result of a joint venture between top banks and mobile operators, states Total Telecom.

Dutch banks ABN Amro, Rabobank, and ING have teamed up with mobile operators Royal KPN NV, Vodafone PLC and T-Mobile to offer a mobile payment service.

The mobile payment service is based on contactless near-field communication, a global standard that allows the transmission of high frequencies over short distances.

LT Online has joined eBillingHub's Technology Alliance Partner programme, says PR Web.

LT Online's Lawtrac product aims to integrate legal matter and expense management solutions with eBillingHub's e-billing platform.

Frank Orzo, president of LT Online, says: "The integration between Lawtrac and eBillingHub strategically aligns with our corporate mission of enabling in-house law departments to easily and efficiently manage matters, expenses, documents, records and conduct e-billing all from a single platform.”