🇺🇸🇨🇳 After 40 years of working with Chinese banks, Visa is finally getting a shot at processing payments inside China, a market Beijing has long kept under tight control.
China's central bank just gave Visa approval to start setting up its own local card-processing business, something it applied for back in 2020.
Mastercard and American Express already got their approvals years ago, so Visa is actually late to the party.
The timing is interesting, though.
Trump personally raised Visa's market access with Xi Jinping during his May visit, and Visa's CEO has since become chairman of the U.S.-China Business Council.
Now Beijing has given the green light just weeks before Trump and Xi are expected to meet again.
Of course, getting permission to compete is one thing. Getting Chinese consumers away from WeChat Pay and Alipay is a whole different headache.
Source: CNBC / Writer: Julie
💬 46🔁 36
♥ 620👁 46K
Top reply · ♥ 0
Dulay Lomo @Dulay_Lomo ·
↗
@MarioNawfal Hardly anyone in China uses any credit card these days.






































































