Visa wins China central bank approval for domestic card business
Business
Visa just received the official go-ahead from China's central bank to run its own bank card business there, after more than 40 years working with China.
This means Visa can finally compete directly with local payment players in China's domestic payments market.
WeChat and Alipay dominate China payments
For Visa, this is a big step: China's payments scene has mostly been closed off to foreign players, with apps like Tencent's WeChat and Alibaba-affiliate Ant's Alipay dominating.
The timing is interesting too, as it lines up with upcoming U.S.-China talks and follows other US companies like American Express and Mastercard entering the market.
It's not just about business; it hints at closer economic ties between the two countries.