‘The timing is notable’: China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting
Source: Fortune ·
Trump said he mentioned access for Visa during his Beijing trip, and access for U.S. financial services to China has long been a Washington priority
From the source
U.S. payments giant Visa said Tuesday that it received approval to prepare to set up a bank card clearing business in China, a move that could allow Visa to compete for a share of the country’s large payments market. Some analysts see the development as an encouraging sign for American businesses following Chinese leader Xi Jinping’s meetings with President Donald Trump during a state visit to Washington last month. The San Francisco-based payment processing company said the long-awaited approval marked “a significant step forward in Visa’s long-standing commitment to China.” “We greatly appreciate the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world’s largest economies,” Visa CEO Ryan McInerney said in a statement. China’s official Xinhua news agency said authorities require that Visa complete preparatory work within one year. After that it can apply to commence its domestic bank card…