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Beijing, Oktober 14, 2026 – Visa has secured approval from China’s central bank to begin preparations for a domestic bank card clearing business, a milestone in its long pursuit of access to the world’s largest payments market.
The People’s Bank of China (PBOC) announced that Visa’s Beijing unit may start preparatory work, giving the company one year to establish local infrastructure before applying for a full clearing license.
The decision marks a breakthrough for Visa, which first applied for entry in 2017.
It also reflects Beijing’s gradual opening of its financial sector to foreign firms, a process often entangled with geopolitics.
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Earlier this year, U.S. President Donald Trump raised Visa’s market access directly with Chinese President Xi Jinping, underscoring how the issue has been intertwined with trade negotiations.
Analysts view the approval as a symbolic gesture ahead of the Asia pacific Economic Cooperation (APEC) summit in Shenzhen, where Xi and Trump are expected to meet.
China’s payments market is vast, valued at more than US$144 trillion annually, with over 10 billion bank cards in circulation.
Yet Visa faces formidable challenges. Domestic platforms Alipay and WeChat Pay dominate mobile and digital transactions, while state backed China UnionPay has long held a monopoly over bank card clearing.
To compete, Visa must build local technology and data systems that comply with Chinese regulations, a process that took Mastercard several years after its own approval in 2020.
American Express entered earlier through a joint venture, but its footprint remains limited compared to homegrown giants.
For Visa, the opportunity is significant. Access to China could unlock billions in transaction volume and diversify its global revenue base.
But success will depend on whether consumers and merchants embrace its services in a market already saturated with digital payment options.
For Beijing, the move signals incremental financial liberalization, aimed at easing trade tensions while maintaining tight control over domestic financial flows.
The approval also carries broader implications for global markets.
It may encourage other foreign firms to push for deeper access to China’s financial sector, though the regulatory pathway remains lengthy and politically sensitive.
As Visa begins its preparatory work, the company enters not only a competitive battlefield but also a geopolitical arena where market access is as much about diplomacy as it is about commerce.
