Visa wins approval to set up bank card clearing in China

Summarised from 2 outlets · Updated 13 Oct, 09:32 · Archive

Visa has received approval to prepare to establish a bank card clearing business in China.

Visa has received approval to prepare to set up a bank card clearing business in China, potentially allowing it to compete for a share of the country's large payments market. The company must complete preparatory work within one year, after which it can apply to commence its domestic bank card clearing business operations. Mastercard and American Express have already started domestic clearing in China under joint ventures.

Visa CEO Ryan McInerney said in a statement that the approval marked "a significant step forward in Visa's long-standing commitment to China", adding the company "greatly appreciate[s] the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world's largest economies". President Donald Trump said he raised the issue of access for Visa during his visit to Beijing in May.

Analysts see the development as an encouraging sign for American businesses following Xi Jinping's recent state visit to Washington. According to George Chen, partner and chair of digital practice at The Asia Group, the approval could be viewed as a goodwill gesture from China toward the United States ahead of an expected November meeting between Xi and Trump in Shenzhen, China. "The timing is notable," Chen said.

How it is being reported

• Visa wins approval to prepare a bank card clearing business in ChinaVisa has received approval to prepare for a bank card clearing business in China, allowing it to compete in the country's payments market.News4Jax · 13 Oct, 09:01
• Visa wins approval to prepare a bank card clearing business in ChinaVisa has received approval to prepare for a bank card clearing business in China, allowing it to compete in the country's payments market.Clickorlando · 13 Oct, 09:01

In this story: Visa · China · Mastercard · American Express · Xi Jinping · Donald Trump · Ryan McInerney · San Francisco

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem