Visa has received approval from the People's Bank of China to set up a bank card clearing business in mainland China, a move the company calls an important milestone after more than 40 years of work in the market. CEO Ryan McInerney said Visa will take the necessary steps under PBOC rules to begin operating domestically. Visa had applied in May 2020, while American Express was the first to receive its processing license in June 2020 and Mastercard's joint venture began processing payments in 2024. Analyst George Chen of The Asia Group said the timing is notable, as Beijing appears keen to show tangible progress for American businesses before Trump's next visit to China.
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