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China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting
Fortune • • business
Key Points:
- Visa received long-awaited approval to commence its domestic bank card clearing business in China, marking a significant step in the company's commitment to the Chinese market.
- The approval follows recent diplomatic engagements, including Chinese leader Xi Jinping's meetings with President Donald Trump, and is seen as a goodwill gesture ahead of their expected November meeting in Shenzhen.
- Visa CEO Ryan McInerney acknowledged the role of U.S. and Chinese leaders in fostering a stable economic relationship and highlighted the importance of this development for American businesses.
- China requires Visa to complete preparatory work within one year before starting operations, while competitors Mastercard and American Express have already begun domestic clearing through joint ventures.
- Analysts view this move as a positive signal of China's willingness to increase market access for foreign financial services companies, aligning with Washington's long-standing priorities.
