Visa gets China’s approval to prepare a domestic card clearing business

What happened

Visa has won approval to start preparing a domestic bank card clearing business in China, the company said on Tuesday. Mastercard and American Express already have approval, and Xi and Trump are due to meet in Shenzhen next month.

October 13, 2026 - 10:20 am Visa has won approval to start preparing a domestic bank card clearing business in China, the company said on Tuesday . The politics around the licence McInerney joined President Donald Trump’s business delegation to Beijing in May, as Evelyn Cheng reported for CNBC.

The People’s Bank of China approved its “Application to Prepare”, which lets Visa begin formal preparations. It does not yet let Visa process domestic payments.

Fintech and ecommerce Visa gets China’s approval to prepare a domestic card clearing business Visa first applied to China’s central bank six years ago. Visa first applied to the central bank in May 2020, CNBC reported .

Visa did not give a date for when it expects to start operating. In the same statement, McInerney credited the leaders of the US and China for the relationship between the two economies. He became chair of the US-China Business Council in June.