Visa Photo: VCG

US payment giant Visa announced on Tuesday that it has received approval from the People's Bank of China (PBC), the central bank, to begin formal preparations to establish a bankcard clearing institution in China, marking an important step toward expanding its presence in China's payments market, a statement on the company's website read on Tuesday.

"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," Ryan McInerney, CEO of Visa, said in the statement.

McInerney noted that Visa has been an active contributor to China's payments sector for more than 40 years, adding that the company looks forward to taking the necessary steps in the process, pursuant to the PBC's regulations, to begin operating in China.

Visa highlighted the development of China's digital payments market, describing it as one of the world's most advanced and dynamic, which is supported by a highly innovative ecosystem and China's continued commitment to further opening up the financial sector.

The company said it looks forward to bringing its world-class innovation, security and reliability to Chinese consumers and businesses, contributing to the continued development of China's payments landscape.

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

Global Times