On October 13, 2026, the People's Bank of China updated the administrative licensing information disclosure for bank card clearing institutions, and Wis Information Technology (Beijing) Co., Ltd. (hereinafter referred to as "Wis Company") was approved to prepare for the establishment of a bank card clearing institution.

Visa Corporation is a corporate entity established by the international card organization Visa in China. On the same day, Visa (NYSE: V) announced that it has officially obtained approval from the People's Bank of China to establish a bank card clearing institution within China.

Visa CEO Ryan McInerney stated that the approval of this preparatory application is another important milestone in Visa's long-term commitment to serving the Chinese market. For over forty years, Visa has actively participated in the development of China's vibrant payment industry and has been a long-term contributor to the construction and innovative development of China's payment ecosystem.

McCain stated that he looks forward to actively carrying out follow-up work in accordance with the relevant regulatory regulations of the People's Bank of China, in order to strive for early development in the domestic market.

The Decision of the State Council on Implementing the Access Management of Bank Card Clearing Institutions, which came into effect on June 1, 2015, marked the beginning of the opening up of China's bank card clearing market. In 2016, the People's Bank of China and the former China Banking Regulatory Commission jointly issued the "Management Measures for Bank Card Clearing Institutions", further clarifying the specific conditions, procedures, and main regulatory requirements for the admission of bank card clearing institutions.

In April 2025, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued the "Management Measures for Bank Card Clearing Institutions", which refined and improved the regulatory system based on the current development status of the payment clearing industry.

Prior to this, American Express and Mastercard successively established joint ventures in China and obtained domestic clearing business licenses. Among them, American Express and LianLian Pay jointly established Connected (Hangzhou) Technology Service Co., Ltd., which has now been renamed as American Express (Shanghai) Bank Card Clearing Co., Ltd. (hereinafter referred to as "American Express Company"); Mastercard and Wanglian Company jointly established Wanshi Wanglian Information Technology (Beijing) Co., Ltd. (hereinafter referred to as "Wanshi Wanglian"). The two companies opened in 2020 and 2024 respectively.

Unlike the two Sino foreign joint ventures mentioned above, Visa is a foreign-invested company and a wholly-owned subsidiary of Visa. As of January 2026, the equity structure of Visa Worldwide PTE. LIMITED consists of Visa Worldwide PTE. LIMITED and Visa International Service Association.

According to the relevant procedures, Weishi Company needs to complete the preparatory work within one year and then submit the application for opening. After approval by the People's Bank of China and the State Administration of Financial Supervision, a bank card clearing business license will be issued.

At present, there are three licensed bank card clearing institutions in China, namely China UnionPay, Yuntong Company, and Wanshi Wanglian. If Visa completes its preparations and opens, the Chinese clearing market will be further enriched.

Visa stated that China is one of the most advanced and dynamic digital payment markets in the world, with a highly innovative payment ecosystem, and continues to promote high-level opening up of the financial industry to the outside world. Visa looks forward to further bringing its globally leading innovation capabilities, security guarantees, and operational experience to the Chinese market, better serving Chinese consumers and corporate customers, and contributing to the sustained innovation and development of China's payment industry. Visa will continue to complete the follow-up work and carry out bank card clearing business within China.

Wang Pengbo, Chief Analyst of Broadcom Consulting, told reporters that obtaining the preparatory permit is a key step for Visa to deeply cultivate the Chinese market. After completing the preparation and passing the opening approval, Visa can independently operate its RMB bank card clearing business in China, breaking away from the previous reliance on dual standard cards and directly binding domestic issuing banks and acquiring institutions to explore differentiated scenarios such as cross-border commerce and outbound consumption.

(Author Hu Yanming)