Mmastodon BusinessBanking first seen 21 h ago, last 21 h ago, peak #6
Visa approved to prepare for card clearing in China
Original: Visa makes progress in China, but still faces hurdles Visa received approval from the People's Bank of China to prepare
Visa has received approval from the People's Bank of China to prepare to clear domestic card payments in the country, a significant step toward opening China's payments market to foreign card networks. Observers note the move marks real progress, but hurdles remain before Visa can fully operate, including setting up local infrastructure and competing with entrenched domestic networks like UnionPay.
Why now: Opening China's tightly controlled payments market to a foreign network would be a major shift for global finance.
VisaPeople's Bank of ChinaChina
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