Visa announced on October 13, 2026, that it has received approval from the People's Bank of China to begin preparations to establish a domestic bank card clearing business in the country. The approval marks a significant regulatory milestone for the U.S. payments giant, which has operated in China in a limited capacity for more than 40 years but has sought expanded market access for years.
Visa CEO Ryan McInerney said in a statement that the company looks forward to "taking the necessary steps in the process, pursuant to the PBOC's regulations, to begin operating domestically in China." McInerney praised the role of leaders from both countries in pursuing what he termed "a constructive and strategically stable relationship." McInerney joined President Donald Trump's business delegation to Beijing in May 2026 and subsequently became chair of the U.S.-China Business Council in June.
The approval is provisional rather than final. According to China's Xinhua news agency, Visa must complete preparatory work within one year before it can apply to commence actual domestic bank card clearing operations. Analysts noted that this represents progress on a longstanding request but leaves additional regulatory and operational hurdles in place. Visa first applied to the People's Bank of China for clearing approval in May 2020.
The timing of the announcement—just weeks before an expected November meeting between President Trump and Chinese leader Xi Jinping in Shenzhen—is viewed by analysts as significant. George Chen, partner and chair of digital practice at The Asia Group, told multiple news outlets that the approval appears designed to demonstrate tangible progress for American businesses. "Beijing chose to approve Visa's license just ahead of the APEC Leaders' Meeting in Shenzhen next month, where Xi and Trump are expected to meet again," Chen said. "The move suggests that Beijing is keen to demonstrate tangible progress for American businesses before Trump's next visit to China."
Trump told Fox News after his May 2026 visit to Beijing that he had raised Visa's request for market access during that trip. After a subsequent summit in September 2026, China announced it would approve applications from all foreign financial institutions to operate in the country. That broader policy shift created the conditions for Visa's approval.
Visa's competitors have already made inroads into China's payments market. American Express received the People's Bank of China's approval in 2018 and obtained a processing license in June 2020. Mastercard's joint venture received approval to begin clearing preparations in February 2020 and started processing payments in 2024. Visa is notably seeking to establish a wholly-owned domestic clearing business, which would differ from the joint venture structures used by its competitors and would give Visa greater control over technology, operations, and product development.
China's payments market remains dominated by mobile payment platforms. Tencent's WeChat Pay and Ant Group's Alipay account for the vast majority of everyday consumer transactions, while UnionPay operates as the primary domestic card network. Visa has previously worked with Chinese banks on dual-branded cards in which UnionPay processes domestic transactions and Visa handles overseas payments. In January 2026, Visa said mainland China-issued cards could be linked to Apple Pay for use abroad. However, analysts cautioned that even with full approval, building meaningful domestic transaction volume in China will take considerable time.
