Visa has won approval to prepare a bank card clearing business in China, a step that could help it enter the country’s payments market as U.S.-China ties remain under scrutiny.
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01Summary
- 01Visa said on Tuesday it received approval to prepare to set up a bank card clearing business in China.
- 02China’s Xinhua said Visa must complete preparatory work within one year before it can apply to start domestic operations.
- 03Mastercard and American Express already operate domestic clearing in China through joint ventures.
- 04Donald Trump said he raised Visa access during his visit to Beijing in May, and George Chen said the timing suggests goodwill before an expected November Xi-Trump meeting in Shenzhen.
02Why it matters
The decision could open the door for a major U.S. payments company to compete in China’s large card market. It also signals whether Beijing is willing to grant more access to American financial firms ahead of another Xi-Trump meeting.
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