China Approves Visa to Prepare Domestic Card Clearing Operations

Chinese nationals and visitors living in Denmark will soon find paying in China easier. The People's Bank of China has approved Visa to begin preparatory work in mainland China.

Visa can now prepare to set up a locally registered card clearing organization. The bank granted Visa a one-year window to complete technical preparations. After that, Visa may apply to start domestic clearing operations officially.

Once fully operational, international Visa cards will clear payments directly within mainland China. This change will streamline transactions for overseas Chinese, students, and workers traveling home.

The approval is a direct outcome of recent diplomatic talks between Beijing and Washington. South China Morning Post reported the development.