United States, Washington: China is now targeting people using their credit cards in response to the infamous spy balloons.
According to Jianli Yang of the Washington Times, the dangers from Jinping-led China have not yet lessened because they threaten national security on both sides of the Pacific.
As China continues its cross-border surveillance activities, the citizens who believed that security threats were limited to Tiktok and Huawei have been misinformed.
In agreement with a condition in the “Durbin Amendment” bill, Unionpay has continued to handle debit card transactions in the United States since Dodd-Frank financial reform was approved in 2010.
Notably, UnionPay was established by China’s central Bank in 2002 and is financially aided by the government of China. The alternative network, including Unionpay, was required by the 2010 legislation to offer merchants the option to process debit card transactions.
According to reports, China is attempting to force debit card policy onto the credit card market as the US has shot down the spy balloons.
Enormous companies like Amazon, Walmart, and Home Depot are concerned that Target and Kroger have collaborated with US legislators to pass legislation allowing UnionPay to handle credit card transactions.
According to reports from Washington Times, lawmakers are less worried about the possibility that financial information from credit card users will be given to a Chinese government-owned company on US government orders.
UnionPay was established when the State Council launched a nationwide payment system for China.
Earlier, it was discovered that Tiktok was spying on Americans. Thus, it is obvious where these policy shifts are headed. Moreover, given their long-standing relationships with China, major corporations like Walmart, which operates hundreds of stores there, also favour the changes.
