Visa Wins China Approval to Prepare for Domestic Payments Business

3-line summary

• China's central bank, the PBOC, approved Visa's application to begin formal preparations to establish a domestic bankcard clearing institution in China, according to Investing.com. The approval is a preparatory step and does not mean Visa has begun clearing domestic transactions in China yet.
• If the process advances, Visa would gain a path into China's domestic payments market beyond its current international card-payment business, subject to meeting regulatory requirements. CEO Ryan McInerney said Visa intends to follow PBOC procedures to begin domestic operations in China, where the company has operated for more than 40 years. The announcement was made Tuesday, October 13.

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