Visa wins Chinese approval to begin preparing a domestic card clearing business

Visa has received approval from the People's Bank of China to begin formal preparations to set up a domestic bankcard clearing institution in China, the company said in an Oct. 13 announcement.

The central bank approved Visa's Application to Prepare, which Visa called an important milestone toward serving China's domestic payments market.

What comes next

The approval lets Visa start preparing. It is not a license to operate. Visa said it will continue working to complete the process under the central bank's rules and begin domestic bankcard clearing operations in China.

The company did not give a timeline for starting operations or an estimate of revenue.

Management comment

"The approval of our Application to Prepare marks a significant step forward in Visa's long-standing commitment to China," Chief Executive Ryan McInerney said in the release. He credited the leaders of the United States and China for "pursuing a constructive and strategically stable relationship."

Visa said it has contributed to China's payments landscape for more than 40 years.

Sources

1. Visa Inc. press release, "Visa Receives Approval to Begin Preparations for a Domestic Business in China," Oct. 13, 2026, Visa investor relations website

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Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.