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Visa wins China approval to prepare for domestic payments business

AuthorAyushman Ojha

Stock Markets

Published Oct 13, 2026, 12:46 AM

Visa wins China approval to prepare for domestic payments business

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Visa wins China approval to prepare for domestic payments business

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Image 3: © Reuters.

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V+0.99%

Investing.com-- Visa Inc (NYSE:V) said on Tuesday it had received approval from China’s central bank to begin preparations for establishing a domestic bankcard clearing institution, marking a step toward entering the country’s domestic payments market.

The U.S. payments network said the People’s Bank of China had approved its application to begin formal preparations for domestic operations. The approval does not mean Visa has begun clearing domestic transactions in China.

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Visa Chief Executive Ryan McInerney said the approval marked a significant step in the company’s long-standing commitment to China, where it has been active for more than 40 years.

"We look forward to taking the necessary steps in the process, pursuant to the PBOC’s regulations, to begin operating domestically in China," McInerney said in a statement.

China is one of the world’s largest digital payments markets, but domestic transactions are dominated by local payment networks and platforms. Approval to establish a domestic clearing institution could give Visa a route to expand its presence beyond international card payments, subject to regulatory requirements.

Visa operates a global payments network spanning more than 200 countries and territories.

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Visa wins China approval to prepare for domestic payments business

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