Visa Wins Approval for China Card Clearing Business
Visa has received approval from Chinas central bank to begin preparations for a domestic bank card clearing institution. The milestone allows Visa to enter the massive Chinese payment market following years of anticipation.
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VISA INC-CLASS A SHARES secured regulatory clearance from China's central bank to prepare a domestic bank card clearing institution, opening access to a $143.92 trillion market. The approval follows years of waiting and positions the payments firm alongside competitors MASTERCARD INC - A and AMERICAN EXPRESS CO. Greater market access in financial services has long been a key priority for the United States in bilateral trade discussions.
