NetsUnion Clearing Corp. (NUCC), an online payment clearing house also known as Wanglian, has formed a joint venture with Mastercard in China. The new company will be 51% owned by Mastercard. Like Visa and American Express, Mastercard has been trying unsuccessfully for more than a decade to build a clearing and settlement network in China on which domestic banks can issue cards and acquirers can accept payments. The People’s Bank of China (PBOC), the country’s central bank, has never approved any effort by Mastercard, which is expected to file another application under the joint venture. ...