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Visa Wins Central Bank Approval To Clear Card Payments In China

Original: Visa Secures Central Bank Approval To Launch Domestic Bank Card Clearing Business In China

Visa has received approval from China's central bank to launch a domestic bank card clearing business in the country. The move would allow Visa to process domestic payments in China directly, a market long dominated by state-backed UnionPay and largely closed to foreign card networks. It marks a significant step in the gradual opening of China's financial services sector to foreign firms.

Why now: It signals a major opening of China's tightly controlled domestic payments market to a foreign card network.

VisaPeople's Bank of ChinaChinaUnionPay

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Evidence

• Visa Secures Central Bank Approval To Launch Domestic Bank Card Clearing Business In China · Yahoo Finance
• Visa Secures Central Bank Approval To Launch Domestic Bank Card Clearing Business In China · TIKR.com

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