China gives Visa a green light to prepare bank card clearing
Visa says Chinese regulators cleared it to start setting up bank card clearing operations in China, with the work due within a year. The approval could let the US firm compete for a piece of the country's payments business.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Visa said it received approval from China to prepare a bank card clearing business in the country. The People's Bank of China approved the application to begin preparations, and authorities require the work to be completed within one year. The approval follows about 40 years of Visa working with China.
Why it matters
The approval could let Visa compete for a share of China's large payments market. Some analysts see it as an encouraging sign for American businesses.
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