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Visa receives approval to prepare domestic bankcard clearing in China
Visa has received approval from the People’s Bank of China (PBOC) to begin formal preparations to establish a domestic bankcard clearing institution in China. This milestone allows the company to move toward serving China’s domestic payments market directly, including the ability to process transactions in renminbi (RMB).
Under the approval, Visa’s Chinese subsidiary, Visa Information Technology (Beijing) Co. Ltd., has one year to complete necessary infrastructure and preparatory work. Following this period, the company must apply for a formal business license, which requires joint approval from both the PBOC and the National Financial Regulatory Administration (NFRA).
Currently, Visa is permitted to process international transactions in foreign currencies in China, but it cannot yet issue cards denominated in yuan or provide domestic clearing services. This move follows similar regulatory paths taken by Mastercard and American Express, which have already secured approval to operate domestic clearing networks in the country. Visa CEO Ryan McInerney noted that the company has been an active participant in China’s payment landscape for over 40 years and remains committed to following regulatory requirements to expand its domestic presence.
Entities
China · China UnionPay · Mastercard · National Financial Regulatory Administration · People’s Bank of China · Ryan McInerney · Visa · Visa Inc.
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 12 SOURCES] Following the preparatory phase, Visa must apply for a formal business license to begin domestic clearing operations. www.ekoturk.com · banker.az · www.letsmoney.com.br · villagevoicenews.com · financije.hr · +7 more
- [● 11 SOURCES] Visa has been active in the Chinese payment landscape for more than 40 years. financije.hr · banker.az · fxnewsgroup.com · finchannel.com · www.newsbytesapp.com · +6 more
- [● 14 SOURCES] Visa has been granted a one-year period to complete necessary infrastructure and preparatory work. www.ekoturk.com · www.it-boltwise.de · novi.ba · www.letsmoney.com.br · villagevoicenews.com · +9 more
- [● 16 SOURCES] The PBOC has approved Visa’s application to begin preparations for establishing a domestic bankcard clearing institution in China. www.ekoturk.com · financije.hr · banker.az · fxnewsgroup.com · www.it-boltwise.de · +11 more
- [● 7 SOURCES] Mastercard and American Express have previously received regulatory approval to operate in China's domestic market. financije.hr · banker.az · novi.ba · finchannel.com · villagevoicenews.com · +2 more
- [○ 1 SOURCE] The total value of bank card transactions in China was recorded at approximately 144 trillion dollars last year. www.ekoturk.com
- [● 2 SOURCES] Visa is set to become the first foreign card network to operate a wholly-owned clearing business on the Chinese mainland. www.pymnts.com · fr.businessam.be
- [● 3 SOURCES] Visa originally submitted its application for a bank card clearing institution in May 2020. financije.hr · www.newsbytesapp.com · dinero.hn