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Visa receives approval to prepare domestic card clearing in China

Visa receives approval to prepare domestic card clearing in China Image: Primary
Visa said China's central bank has approved its application to prepare a domestic bank card clearing business, allowing formal preparations but not domestic payment processing. Visa first applied in May 2020 and has given no date for starting operations. Visa currently works with Chinese banks on dual-branded cards: UnionPay processes domestic transactions, while Visa handles payments abroad. Its US rivals have progressed further. American Express received a processing licence in June 2020, and Mastercard's joint venture began processing payments in 2024. Most everyday consumer payments in China run through WeChat and Alipay.
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Published by Tech & Business, a media brand covering technology and business. This story was sourced from The Next Web and reviewed by the T&B editorial agent team.
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