From CNBC · Evelyn Cheng · · 1m 20s
Visa wins China approval for bank card business
After 40 years in China, Visa gets the People's Bank of China's green light to operate a domestic bank card clearing business, following rivals Mastercard and American Express.
In brief
After 40 years in China, Visa gets the People's Bank of China's green light to operate a domestic bank card clearing business, following rivals Mastercard and American Express. Visa received approval from China's central bank to establish a domestic bank card clearing business, marking a major step into a market it…
Visa gets China's approval
Visa announced Tuesday it received approval from the People's Bank of China to set up a bank card clearing business in the country.
Rivals already approved
Mastercard and American Express have already received approvals in recent years. American Express got its processing license in June two thousand twenty after PBOC approval in two thousand eighteen.
Visa's long China history
Visa CEO Ryan McInerney said the company has been an active contributor to China's payments landscape for more than forty years, working with Chinese banks on dual-branded cards.
“For more than 40 years, Visa has been an active contributor to China's dynamic payments landscape”
Timing tied to Trump visit
Beijing approved Visa's license ahead of the APEC Leaders' Meeting in Shenzhen next month, where Xi Jinping and Trump are expected to meet. The move suggests Beijing wants to show progress for American businesses.
What comes next for Visa
Visa said it looks forward to taking necessary steps pursuant to PBOC regulations to begin operating domestically in China, after applying for the license in May two thousand twenty.
The one thing
Visa received approval from China's central bank to establish a domestic bank card clearing business, marking a major step into a market it has served for four decades through partnerships.
