Full Breakdown
Visa Wins Chinese Central Bank Approval to Prepare Domestic Card-Clearing Business
By Drooid · · How we work
Visa Secures Preparation Approval
On Oct 13, the People’s Bank of China (PBOC) issued an administrative approval to Visa Information Technology (Beijing) Co Ltd, permitting the firm to begin preparatory work for a domestic bank-card clearing institution. The approval obliges Visa to complete the preparation within one year, after which it may apply for a full clearing-business licence.
Market Context and Prior Entrants
Visa’s move follows earlier approvals for rivals: Mastercard partnered with NetsUnion Clearing Corp in 2020, and American Express launched its joint-venture clearing service later that year. China’s payments market is dominated by state-controlled China UnionPay, but the sheer volume underscores its attractiveness: the central bank reported 4.6 trillion card transactions worth 963.60 trillion yuan ($143.92 trillion) in 2025.
Official Statements & Responses
George Chen, partner and chair of the digital practice at The Asia Group, said the approval could be viewed as a goodwill gesture from Beijing ahead of an expected November meeting between President Donald Trump and President Xi Jinping in Shenzhen. Chen noted that the timing suggests Beijing is keen to demonstrate tangible progress for American firms before the summit.
Data & Statistics
Verbatim Quotes
- “The approval of our Application to Prepare marks a significant step forward in Visa's long-standing commitment to China,” — Visa CEO Ryan McInerney
- “We greatly appreciate the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world’s largest economies,” — Ryan McInerney, visa CEO
