COMMENTARY_ Forget balloons: China is coming for your credit cards

THE WASHINGTON TIMES

Forget balloons: China is coming for your credit cards

China Wants U.S. Credit Card Transactions Illustration by Greg Groesch/The Washington Times more >

COMMENTARY

By Jianli Yang - - Tuesday, February 21, 2023

OPINION:


For anyone who thought the threat from China was waning, the events of the last month have brought them back to reality that there is a real national security threat across the Pacific. Unfortunately, the threat extends beyond spy balloons and TikTok.

Since the Dodd-Frank financial reform law was passed in 2010, an under-the-radar company called UnionPay has been processing debit card transactions in the U.S. thanks to a provision in the bill referred to as “the Durbin Amendment.” UnionPay was created by China’s central bank in 2002 and is funded by the government. The 2010 law required banks to include alternative networks, including UnionPay, as options for merchants to process debit card transactions.

Now, despite the wave of spy balloons being shot down by the American military, the same people pushing the debit card policy want to do the same thing to the credit card market. Giant corporations including Amazon, Walmart, Kroger, Home Depot and Target have teamed up with some U.S. lawmakers to push legislation that would allow UnionPay to process your credit card transactions.

This is highly concerning. Lawmakers on both sides of the aisle have expressed concern that the social media app TikTok is collecting users’ personal data and information on China’s behalf. Yet the same lawmakers are not batting an eye at the thought of millions of credit card users’ personal financial information being sent to a Chinese government-owned payment processing firm under orders from the U.S. government.

UnionPay was founded when the State Council created a national payment system for mainland China. If TikTok, a supposed “private” company, is spying on Americans, is there any doubt that a state-owned entity is doing the same for the Chinese Communist Party’s benefit?

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READ MORE: https://www.washingtontimes.com/news/2023/feb/21/forget-balloons-china-is-coming-for-your-credit-ca/

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