Business · Companies · 1 hr ago
Visa Gets Approval to Prepare a Domestic Payments Business in China
Visa has received approval to begin preparing a domestic bank card clearing business in China.
The approval allows the company to start preparations, but does not say that the business is already operating.
Visa is a US payments company seeking a role in China’s large payments market.
Mastercard and American Express have already moved ahead in serving that market, according to the report.
A domestic clearing business could let Visa handle bank card payments within China.
The approval puts Visa on a possible path to compete with those rivals there.
The next step is to prepare to establish the business; no further timetable is given.
Visa received approval from the People’s Bank of China to begin preparations for a domestic bankcard clearing business.
The approval allows Visa to take formal steps toward serving China’s domestic payments market.
Visa said it would proceed under the PBOC’s regulations.
The company said it has contributed to China’s payments landscape for more than 40 years.
The move could allow Visa to follow Mastercard and American Express in serving China’s payments market.
- Who
- Visa received the approval from the People’s Bank of China.
- What
- Visa can begin formal preparations to establish a domestic bankcard clearing institution in China.
- When
- October 13, 2026.
- Where
- China.
- Why
- The approval is a step toward Visa serving China’s domestic payments market.
This story does not have two clearly opposing sides.
- Approval date
- October 13, 2026
- Approving authority
- People’s Bank of China
- Business planned
- Domestic bankcard clearing institution
- Visa's time in China
- More than 40 years
What people are saying
The approval of our Application to Prepare marks a significant step forward in Visa’s long-standing commitment to China.
For more than 40 years, Visa has been an active contributor to China’s dynamic payments landscape.
Sources
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