✉news BusinessBanking first seen 6 d ago, last 6 d ago, peak #9
Visa wins approval to prepare China payments business
Original: Visa receives approval to prepare for China payments business
Visa has received regulatory approval to prepare for launching a payments business in China, a major step into one of the world's largest card markets. The move would put the US payments giant in direct competition with domestic networks UnionPay and mobile services like Alipay and WeChat Pay, and follows Beijing's gradual opening of its financial sector to foreign firms.
Why now: It marks rare foreign access to China's tightly controlled payments market.
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