Visa approved to prepare domestic payments business in China
Visa’s clearance will allow it to operate in China’s US$144 trillion payments market
Visa has received approval to prepare for a domestic bank card clearing business in China, despite the country's massive payments market being dominated by Alipay and WeChat Pay. The company's Beijing unit was granted permission by the People's Bank of China, allowing it to complete preparatory work within a year before applying to commence operations and obtain a clearing business license.
Visa's chief executive officer, Ryan McInerney, expressed appreciation for the constructive relationship between the United States and China. The clearance of regulatory hurdles marks the end of Visa's yearslong pursuit to enter China's $144 trillion payments market. Competitors Mastercard and American Express have already secured licenses to establish their bank card clearing businesses in the country.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 6 other outlets
- Visa approved to prepare domestic payments business in China straitstimes.com
- Visa gets approval to prepare for domestic business in China investing.com
- Visa gets go-ahead to prepare for business in China news.rthk.hk
- Visa Receives Approval to Begin Preparations for a Domestic Business in China financialpost.com
- Visa Approved to Prepare Domestic Payments Business in China bloomberg.com
- Visa gets Beijing's green light for bank card business after 40 years of working with China cnbc.com
