Visa gets go-ahead to prepare for business in China

Visa, the global digital payments company, has received approval from the People's Bank of China (PBOC) to start formal preparations for setting up a domestic bankcard clearing institution in China. This move, announced by Visa, represents a significant step towards the company entering China's domestic payments market. Visa's CEO, Ryan McInerney, expressed his appreciation for the support of leaders in both the United States and China, emphasizing the company's commitment to China and its intent to collaborate constructively and strategically with the world's largest economies.

McInerney informed that Visa would adhere to the PBOC's regulations while operating in China. The company statement highlighted China's position as one of the world's most advanced and dynamic digital payments markets, and Visa's eagerness to introduce its innovation, security, and reliability to Chinese consumers and businesses.