Visa, Mastercard, AmEx Win Easier Access to China Market (1)

The biggest U.S. card companies just moved a step closer to gaining access to China’s $27 trillion payments market.

China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services such as Mastercard, Visa and American Express Co., according the text of a landmark trade agreement with the U.S. It should be an especially welcome reprieve for Mastercard and its partner NetsUnion Clearing Corp., which set up a venture in March that is still awaiting approval from the People’s Bank of China to begin operations.

“China is a vital market for us,” Seth ...