Visa Approved to Prepare for Bank Card Clearing Operations in China
Start here
AI-assisted source synthesis · not an independent investigation.
On October 13, 2026, Visa was approved by the People’s Bank of China for its “Application to Prepare,” allowing it to begin preparations for bank card clearing operations within China. Visa stated that it will complete the subsequent procedures in accordance with the relevant regulations of the People’s Bank of China; the approval is a preparatory license and does not mean that it has been authorized to operate. The Financial Times reported that Visa has attempted to establish such operations since 2015. Payments Dive reported that 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. Visa and Mastercard will still face competition from UnionPay. On October 14, Fintech News and Fintech News Hong Kong reported that Visa had begun preparations to establish a domestic bank card clearing institution, but had not yet been authorized to conduct clearing operations and still needed to complete the subsequent steps required by the People’s Bank of China.
AI-written from reports · updated 5 days ago
Timeline
Follow the reporting to see the different sides of the story.
- Fintech News Hong KongSelectedVisa 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.
- Fintech NewsSelectedVisa 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.
- Payments DiveSelectedVisa 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.
- PYMNTSSelectedVisa 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.
Heat over time
Current heat 3·Peak over the comparable range 31 (Oct 14 12:00)·Change over the comparable range in the last 24 hours -85%
Trends compare only the same entities that were fully and continuously observed, so the range can be narrower than the current heat statistics. Move the pointer or tap the chart to read hourly heat; arrow keys work on a keyboard.