Visa gets China’s approval to prepare a domestic card clearing business
Visa has won approval to start preparing a domestic bank card clearing business in China, the company said on Tuesday. The People’s Bank of China approved its “Application to Prepare”, which lets Visa begin formal preparations. It does not yet let Visa process domestic payments.
Visa first applied to the central bank in May 2020, CNBC reported. Visa did not give a date for when it expects to start operating.
“We look forward to taking the necessary steps in the process, pursuant to the PBOC’s regulations, to begin operating domestically in China,” Visa chief executive Ryan McInerney said in a statement.
In the same statement, McInerney credited the leaders of the US and China for the relationship between the two economies.
The politics around the licence
McInerney joined President Donald Trump’s business delegation to Beijing in May, as Evelyn Cheng reported for CNBC. He became chair of the...
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