US payment giant Visa received approval from the People’s Bank of China to begin formal preparations to establish a domestic bankcard clearing institution in the country.
The company announced Tuesday that the approval marked an important milestone toward serving the domestic payments market of China.
Ryan McInerney, chief executive officer of Visa, said the development represented a significant step forward in their long-standing commitment to the country.
McInerney highlighted that the firm acted as an active contributor to the dynamic payments landscape of China for more than 40 years.
Visa plans to complete the remaining steps under the regulations of the central bank to begin its domestic operations.