Visa Inc. has received approval from the People's Bank of China to begin preparations for establishing a domestic bankcard clearing institution. This regulatory clearance marks a significant step for the payment processor as it seeks to expand its operations within the Chinese market.
The People's Bank of China, the central bank of China, has authorized Visa to initiate the preparatory work necessary to become a domestic bankcard clearing institution. This designation is a prerequisite for Visa to operate as a domestic clearing entity in China, a move that would allow the company to process domestic bankcard transactions directly within the country.
Visa is the largest payment processor in the world. In fiscal 2025, the company processed almost $17 trillion in total volume. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second.
