Visa gets China’s approval to prepare a domestic card clearing business
Visa first applied to China’s central bank six years ago. Mastercard and American Express already have approval, and Xi and Trump are due to meet in Shenzhen next month.
Via TNW | Fintech-ecommerce
Visa has won approval to start preparing a domestic bank card clearing business in China, the company said on Tuesday. The People’s Bank of China approved its “Application to Prepare”, which lets Visa begin formal preparations. It does not yet let Visa process domestic payments.
Visa first applied to the central bank in May 2020, CNBC reported. Visa did not give a date for when it expects to start operating.
“We look forward to taking the necessary steps in the…
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