U.S. payments firm Visa Inc. announced on Tuesday, Oct. 13, 2026, that it has received approval from China’s central bank to begin preparations for a domestic bankcard clearing institution. The authorization from the People’s Bank of China (PBOC) allows the company to take steps toward operating within the Chinese domestic payments market.
The decision follows efforts by U.S. financial firms to enter the Chinese market. Visa’s competitors, Mastercard Inc. and American Express Co., previously received similar approvals. Mastercard was authorized to establish its clearing business in 2020, while American Express’s joint venture received its approval to start clearing services several months after that.
Visa Chief Executive Officer Ryan McInerney described the approval as an "important milestone" and credited the leadership of the United States and China for pursuing a stable relationship. The company noted that McInerney had accompanied U.S. President Donald Trump on a trip to Beijing in May 2026, during which Trump said he raised the issue of Visa’s market access with Chinese President Xi Jinping.
This development affects Visa Inc. and financial service providers seeking to compete in the Chinese payments sector. While the specific number of future Chinese cardholders or the exact dollar value of transactions Visa will process was not reported, the company is seeking access to the domestic market. Previously, foreign payment networks were largely restricted to processing international transactions for cards issued in China or for foreign travelers visiting the country.
For consumers and businesses in China, the entry of a new domestic clearing provider could eventually lead to more choices in payment processing and bankcard services. Once the preparation phase is complete and final operational approval is granted, cardholders may see Visa-branded cards that can be used for domestic purchases at local merchants, rather than being limited to cross-border use. The timeframe for when these cards will become active depends on Visa meeting the PBOC’s regulatory requirements during this preparatory stage.
The approval signals a continuation of the process that allowed American Express and Mastercard to establish local footprints. Following this announcement, Visa must now complete the preparation steps mandated by the PBOC. A specific deadline for the commencement of full operations or the issuance of the first domestic clearing license to Visa was not disclosed in the company's statement.