✉news BusinessBusiness first seen 15 h ago, last 5 h ago, peak #1
Visa wins Beijing approval to run domestic bank card business
Original: Visa gets Beijing's green light for bank card business after 40 years of working with China
Visa has received approval from Chinese regulators to operate its bank card clearing business in China, a milestone that comes after roughly four decades of the company working in the Chinese market. The move opens the door for Visa to process domestic payments directly, in a market long dominated by UnionPay and mobile payment platforms.
Why now: The approval marks a rare opening of China's domestic payments market to a foreign card network.
VisaChinaPeople's Bank of China
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