Visa Receives Approval to Begin Preparations for a Domestic Business in China
What's happening
Visa announced on Oct. 13 that the People's Bank of China (PBOC) approved its "Application to Prepare," allowing Visa to begin setting up a domestic bankcard clearing operation in China. The clearance moves the company closer to gaining access to China's domestic payment system and to launching a domestic cards business after decades of restricted access. Visa described the approval as permission to start preparatory work toward offering card services inside China.
Why it's trending
This is rising because the PBOC approval is a concrete regulatory step that opens the door for foreign card networks to enter China's large domestic payments market after years of limited access.
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If Visa actually runs domestic card clearing in China, global fintechs that partner with Visa suddenly get a path to Chinese consumers without building local rails themselves, here's how that changes dealmaking today.
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Original sources5
- Visa moves ahead in China
The card network giant said it won approval from the Chinese government to begin preparing to offer card services domestically in the country.
Payments DiveOct 13 - Visa edges closer to China domestic clearance access
40 years in the making, Visa could gain access to China’s domestic payment system, after receiving clearance from the People’s Bank of China. Visa is one step closer to launching its cards business to China after receiving preliminary permission by the People’s Bank of China (PBOC). In an announcement today (13 October), Visa confirmed it […]
Payment ExpertOct 13 - Visa's China Approval Advances Its Domestic Payments ExpansionTradingViewOct 13
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