Visa has received approval from China’s central bank to begin preparations for establishing a domestic bank card clearing business, marking a major step towards entering the country’s domestic payments market after more than 40 years of engagement. The approval, announced on October 13, 2026, by the US payments company, allows it to begin formal preparations but does not mean domestic operations can start immediately.
The approval was granted by the People’s Bank of China (PBOC), which regulates the country’s financial system. Visa said it would complete the remaining regulatory steps required before beginning domestic operations, creating an opportunity to expand its services in one of the world’s largest consumer markets.
Visa Chief Executive Officer Ryan McInerney described the decision as an important milestone in the company’s long-standing commitment to China. He also acknowledged the role of US-China engagement in supporting a more stable relationship between the two economies.
The development follows years of efforts by international payment networks to gain greater access to China’s domestic card market, which has historically been dominated by local providers, particularly China UnionPay. Digital payment platforms Alipay and WeChat Pay have also become widely used for everyday transactions.
Visa’s approval could open a new avenue for the company to serve Chinese consumers and businesses directly, rather than relying primarily on international transactions involving cards issued elsewhere. However, the company will still need to complete the required preparations and comply with Chinese regulatory requirements before launching its domestic business.
The decision also comes as Washington and Beijing seek to manage commercial relations and expand opportunities for businesses operating across their markets. Access to China’s financial services sector has been a longstanding issue for foreign companies, with regulatory requirements shaping the pace of market entry.
Visa will face established competitors with extensive domestic networks and strong consumer adoption. Building acceptance among merchants, banks and cardholders will therefore be central to its ability to establish a meaningful presence.
The approval represents progress in Visa’s expansion plans, although the commercial impact will depend on the remaining regulatory process and the company’s ability to compete in China’s increasingly digital payments industry.
