Visa Wins China Card-Clearing Approval After 6-Year Wait as Xi-Trump Meeting Nears
Updated
Updated · CNBC · Oct 13
Visa Wins China Card-Clearing Approval After 6-Year Wait as Xi-Trump Meeting Nears
3 articles · Updated · CNBC · Oct 13
Summary
Visa said the People's Bank of China approved its plan to set up a domestic bank card clearing business, a key step toward entering China's onshore payments market after applying in May 2020.
Beijing granted the approval weeks before next month's APEC leaders' meeting in Shenzhen, where Xi Jinping and Donald Trump are expected to meet for a third time this year.
Trump said after his May Beijing trip that he had raised Visa's market-access request, and China later pledged to approve applications from all foreign financial institutions.
Visa still must complete further regulatory steps before operating in a market long dominated by UnionPay in bank cards and by WeChat Pay and Alipay in everyday mobile payments.
Mastercard's China venture began processing payments in 2024, while American Express became the first foreign player to secure a processing license in 2020.