Visa (V): China clears it to prepare a domestic card-clearing business
China's central bank has approved Visa's application to start preparing a domestic bank-card clearing business, ending a wait that began in 2020. It is not yet a licence: Visa still has to finish preparations and win operating approval before it can clear domestic payments.
Why it matters China is one of the world's largest card markets and has been dominated by UnionPay. This is a first formal step for Visa, but revenue from domestic clearing is still some way off and depends on a later licence decision.
What we verified Visa's Oct 13 release confirms the People's Bank of China approved its Application to Prepare, and that the step covers preparation only. The Manila Times (Oct 14) reports Visa has one year to finish preparations before applying to operate; Visa's release gives no timeline.
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