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Visa approved to prepare domestic card clearing business in China

Original: Visa received approval to begin preparations to establish a domestic bank card clearing business in China, teeing up the

Visa has received approval from Chinese authorities to begin preparations for a domestic bank card clearing business in China. The move could allow the US payments giant to follow rivals Mastercard and American Express in directly serving China's vast payments market, one of the largest in the world. Observers see it as another step in China's gradual opening of its domestic card payments sector to foreign firms.

Why now: Approval marks a significant opening of China's payments market to foreign card networks, with implications for Visa's competition with Mastercard and American Express.

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• Visa received approval to begin preparations to establish a domestic bank card clearing business in China, teeing up the firm to potentially follow rivals Mastercard and American Express in serving the nation’s massive payments market. · business · 65

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