Morningstar

Visa Wins Approval to Prepare for China Payments Business

Provided by Dow Jones

By Jiahui Huang 




  Visa can start preparing to establish a domestic bank card clearing institution in China, a step closer to entering the world's second largest economy's local payments market. 



  The company said Tuesday that the approval of its application to prepare will allow it to begin formal preparations for domestic operations. Visa didn't provide a timeline for launching the business. 



  "The approval of our Application to Prepare marks a significant step forward in Visa's long-standing commitment to China," said Ryan McInerney, Chief Executive Officer of Visa, in the statement. 



  The green light came after President Trump and Chinese leader Xi Jinping met in Beijing in May and in Washington in September. McInerney was among the CEOs who accompanied Trump on the Beijing trip. 



  Mastercard received approval to start domestic clearing in China via a joint venture with state-backed NetsUnion Clearing in November 2023 while a joint venture formed by American Express received a similar nod in June 2020, after the U.S. and China reached a trade deal that promised greater access for U.S. financial institutions in China. 



  A total of 10.27 billion bank cards were issued in China as of the end of the second quarter of 2026, official data showed. Among them, 677 million were credit cards and debit/credit combo cards. 



  Write to Jiahui Huang at jiahui.huang@wsj.com 





  (END) Dow Jones Newswires



  October 13, 2026 01:08 ET (05:08 GMT)


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