Visa edges closer to China domestic clearance access

40 years in the making, Visa could become the first foreign payments company to gain access to China’s domestic payment system, after receiving clearance from the People’s Bank of China. Visa is one step closer to launching its cards business to China after receiving preliminary permission by the People’s Bank of China (PBOC). In an announcement today (13 October), Visa confirmed it was granted an ‘Application to Prepare’ from the PBOC to begin building a domestic bankcard clearing institution in the country.