Visa receives approval from the People's Bank of China to prepare domestic bank card clearing business in China
Visa Receives Clearance to Bring Card Business to China
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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.
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.
Source:PYMNTS · pymnts.com