China Grants Visa Network Preliminary Approval After Years of Market Barriers
The U.S. payment-card company has sought entry for nine years as Beijing maintained restrictions benefiting state-backed China UnionPay.
China’s central bank has given preliminary approval for Visa to establish a domestic card-processing business, a move that follows years of delays and market access restrictions. This decision comes after President Donald Trump personally raised the issue with Chinese leader Xi Jinping. Visa still needs a separate operating license to process domestic transactions in a market currently dominated by China UnionPay.
- China’s central bank has granted preliminary approval to Visa for a domestic card-processing business.
- This approval follows nearly a decade of efforts by Visa to enter the Chinese market.
- President Donald Trump had previously pressed Chinese leader Xi Jinping on Visa’s restricted market access.
- Visa must still obtain a separate operating license to process domestic transactions.
- The Chinese market is currently dominated by the state-backed China UnionPay.
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