The People's Bank of China said Visa must complete its preparations within one year, after which it can apply to open for business in the country. (EPA Images pic)BEIJING: US payments firm Visa has received approval from China's central bank to begin preparations for a domestic bank card clearing institution in the country, ending years of waiting to tap into one of the world's largest payment markets.
The move marks a major step for Visa to join rivals American Express and Mastercard in operating bank card clearing services in China and represents a further opening up of the nation's tightly controlled financial sector.
The People's Bank of China (PBOC) issued an administrative approval to Visa Information Technology (Beijing) Co Ltd permitting it to begin preparatory work, according to the central bank's website.
