China allows Visa to prepare domestic card clearing business

Visiting China with Nordic Visa cards will soon get much easier. China has allowed Visa to start preparations for domestic card clearing. The People's Bank of China granted administrative approval to Visa's Beijing subsidiary. Visa will set up a domestic bank card clearing institution in Beijing.

Visa now has one year to complete all preparatory steps. After that, Visa can apply for an official operating license. This license will allow Visa to clear domestic renminbi transactions across mainland China.

This step will benefit Chinese residents in Denmark and Sweden who visit home. Chinese merchants will accept foreign-issued Visa cards more widely in the future. It will make cross-border card payments in mainland China much smoother. The news was reported by Fintech Futures.