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#Visa

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Oct 14Wed
  1. Fintech News Hong KongSource summary80

    Visa approved by the People’s Bank of China to prepare a domestic bank card clearing institution

    Visa has received approval from the People’s Bank of China to prepare a bank card clearing institution in China, allowing it to formally begin the establishment process, but it has not yet been authorized to conduct clearing operations. Visa still needs to complete the subsequent steps stipulated by the People’s Bank of China before it can begin domestic bank card clearing operations.

    推荐理由：The approval distinguishes between eligibility to prepare the institution and formal authorization to conduct clearing operations, and explains the regulatory steps Visa still needs to complete before entering China’s domestic bank card clearing market.

  2. Fintech NewsSource summary82

    Visa approved to begin preparations to establish an onshore bank card clearing institution in China

    Visa has received approval from the People's Bank of China (中国人民银行) for its Application to Prepare, formally commencing preparations to establish an onshore bank card clearing institution in China. The approval only allows Visa to advance preparations in accordance with the requirements of the People's Bank of China; Visa must still complete the relevant procedures before it can conduct onshore bank card clearing business in China.

    推荐理由：The approval distinguishes authorization to prepare from formal operations, while the materials also explain the regulatory procedures Visa must still complete to enter China's onshore bank card clearing market.

  3. Payments DiveSource summary73

    Visa wins Chinese government approval to prepare to provide bank card clearing services in China

    Visa said it has received approval from the Chinese government for its application to prepare to provide bank card transaction clearing services in China, and will continue to complete the subsequent procedures in accordance with relevant regulations of the People's Bank of China. Mastercard was approved to operate in China in 2023 and began processing payments made with bank cards issued by Chinese banks in 2024 through a joint venture established with a Chinese partner. The two US card networks will still face competition from UnionPay in China's domestic market.

    推荐理由：Visa's approval to prepare to provide bank card clearing services in China, along with Mastercard's earlier progress and the competitive landscape involving UnionPay, makes this worth watching.

Oct 13Tue
  1. PYMNTSSource summary77

    Visa receives approval from the People's Bank of China to prepare domestic bank card clearing business in China

    Visa has received approval from the People's Bank of China for its Application to Prepare, allowing it to begin preparations for a domestic bank card clearing business in China. The approval is a preparatory milestone for Visa's entry into China's domestic payments market, but does not mean it has begun operations in China; Financial Times said Visa has attempted to establish such a business since 2015.

    推荐理由：The People's Bank of China's approval is a preparatory license rather than formal authorization to operate, clarifying the stage Visa has reached in entering China's domestic payments market.