Visa (NYSE:V), a global leader in digital payments, today announced that it has received approval of its Application to Prepare from the People’s Bank of China (PBOC), which allows the company to begin formal preparations to establish a domestic bankcard clearing institution in China. This marks an important milestone toward the company serving China’s domestic payments market.

"The approval of our Application to Prepare marks 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," said Ryan McInerney, Chief Executive Officer of Visa. "For more than 40 years, Visa has been an active contributor to China’s dynamic payments landscape. We look forward to taking the necessary steps in the process, pursuant to the PBOC’s regulations, to begin operating domestically in China."

China is one of the world’s most advanced and dynamic digital payments markets, supported by a highly innovative ecosystem and continued commitment to further financial sector liberalization. Visa looks forward to bringing its world-class innovation, security and reliability to Chinese consumers and businesses, contributing to the continued development of China’s domestic payments landscape.

Visa will continue its efforts to complete the process and begin domestic bankcard clearing operations in China.

About Visa

Visa (NYSE:V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261012904886/en/

Media Contacts:

Fletcher Cook, 650-432-2990, Press@visa.com

Kara-Mae Lim, karlim@visa.com