Visa's move to block the use of China unionpay on its dual-marked cards for overseas purchases, was due to begin yesterday. But cardholders aren't reporting any changes. The two sides are still in negotiations.
To confirm whether the ban has been implemented by Visa's member banks, we made some phone calls to them.
Staff in Bank of China said "We had received the ban order from Visa, but no specific timetable was attached and no updates on it up till now."
So, we called China UnionPay.
Representative of China Unionpay said "China UnionPay's settlement channel is still available for those dual-currency cards."
In May this year, Visa sent mail to its member banks globally, requiring them to use its settlement channel when dealing with dual-currency cards bearing both Visa and UnionPay logos.
Banks that violated the order were to be heavily fined.
Currently, currency exchanges are charged a one to two percent fee with Visa but free with China UnionPay.
The Chinese company fired back, saying none of them should intervene in a cardholder's choices.
Insiders say the two parties are now negotiating.
Observers say Visa's ban was merely a strategy it took to urge China UnionPay to open up its domestic market and is unlikely to be substantially carried out.