Visa receives approval to establish bank card clearing business in China
U.S.-based payment giant Visa announced it has received regulatory approval from the People's Bank of China (PBOC) to begin establishing a local bank card clearing business. This marks an important milestone for Visa, which has operated in China for over four decades primarily through partnerships with domestic banks and UnionPay. The move follows similar approvals granted earlier to Mastercard and American Express. The timing is seen as strategic ahead of the upcoming APEC Leaders' Meeting where U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet again. Visa's CEO, Ryan McInerney, has been actively involved in U.S.-China business relations and led a recent trip to Beijing. The approval reflects China’s broader move toward opening its financial sector to foreign institutions after commitments made following the September summit. Despite this progress, mobile payment platforms like WeChat Pay and Alipay remain dominant in daily consumer transactions within mainland China.
Topics: china_regulation financial_services foreign_investment