Visa eyes domestic card clearing

Visa aims to begin domestic bank card clearing operations in China at the earliest opportunity following preparatory approval, CEO Ryan McInerney said, describing the initial green light as a significant step in the company's long-standing commitment to the Chinese market.

The People's Bank of China, the central bank, posted on its website on Tuesday that it had approved Visa's Chinese subsidiary to begin establishing a bank card clearing institution, marking a further step in opening up financial services and implementing the outcomes of China-US economic and trade talks.

Bank card clearing services mainly involve authorizing the issuance and acceptance of cards bearing a clearing institution's brand, operating payment infrastructure and processing transactions between card issuers and acquirers.