Visa Approved to Prepare Domestic Payments Business in China
· Business · Bloomberg, Reuters
Visa Inc. received approval to begin preparations for establishing a domestic bank card clearing business in China. The milestone allows the firm to potentially follow competitors Mastercard Inc. and American Express Co. into the nation's massive payments market. Visa stated that the approval marks an important step toward serving domestic clients within the country. The report does not specify a timeline for when the clearing business will become fully operational.
Why it matters
The approval opens access to China's domestic payments sector, putting Visa in position to compete directly with established local and foreign card networks.
Read the original report — Bloomberg
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