Visa received approval from the People’s Bank of China (PBOC) to begin preparations for establishing a domestic bank card clearing business. The decision marks a significant step in the US payments company’s long-running effort to expand its presence in China’s financial services market.
The approval allows Visa Information Technology (Beijing) Co Ltd, a wholly foreign-owned entity established by Visa, to begin formal preparations. However, the authorisation does not permit the company to start domestic clearing operations immediately. Visa must complete the preparatory process within one year and obtain a separate operating licence before launching its business.
Visa must complete the required preparations and submit an application to commence operations. China’s financial regulators will review the application before deciding whether to grant the necessary licence.
Visa CEO Ryan McInerney explained, “It is an important milestone in the company’s long-standing commitment to China. The approval brings Visa closer to participating directly in domestic bank card clearing, subject to regulatory clearance.”
The company also maintained a presence in China for decades, but entering the domestic clearing market would represent a further step in expanding its role in the country’s payments ecosystem.
China offers significant opportunities for global payment networks. According to data from the PBOC, “ Bank cards processed approximately 4.6 trillion transactions worth 963.6 trillion yuan, or around USD 143.92 trillion, in 2025. Visa will face strong competition from established domestic players.”
Experts suggest China UnionPay dominates the traditional bank card market, while Alipay and WeChat Pay account for a substantial share of everyday digital payments.
These platforms have transformed consumer payment habits and established extensive merchant networks. Looking ahead, Visa will need to navigate a mature payments ecosystem while complying with China’s regulatory and operational requirements.
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