Following American Express and Mastercard, Visa China has been approved to prepare for the establishment of a bank card clearing institution

On October 13, 2026, the People's Bank of China approved Weishi Information Technology (Beijing) Co., Ltd. to prepare for the establishment of a bank card clearing institution. The company is a wholly-owned subsidiary of Visa in China and needs to complete preparations and submit an application for opening within one year. At present, there are three licensed clearing institutions in China, namely China UnionPay, Yuntong Company, and Wanshi Wanglian. If Visa is ultimately approved for operation, the participating entities in the domestic clearing market will be further enriched.